Mario Toneguzzi’s guest on Business Insider: Mark Milke, Executive Director – Research with the Canadian Energy Centre, discusses a new report about the amount of revenue generated by the energy sector for governments in Canada.
The Canadian Energy Centre (CEC) has released its latest Research Brief: “$701 billion: The Energy Sector’s Revenues to Canadian Governments 2000 – 2019.”
This Research Brief (available here) estimates the gross revenue contribution that Canada’s energy sector broadly speaking, and the oil and gas sector specifically, made to federal, provincial, and municipal governments between 2000 and 2019.
The findings are an update to previous research by the Canadian Energy Centre examining gross revenues from the industry, including personal and corporate federal and provincial income taxes, indirect taxes, royalties, and crown lease payments.
Highlights from the Research Brief include:
- The energy sector’s cumulative fiscal contribution to federal, provincial, and municipal government revenue was nearly $701.2 billion between 2000 and 2019, an average of nearly $35.1 billion per year;
- The gross revenue contribution to federal, provincial, and municipal governments exclusively from the oil and gas sector was $504.9 billion between 2000 and 2019, an average of $25.2 billion per year;
- The $701.2 billion figure from the broad energy sector and the $504.9 billion figure from the more specific oil and gas sector are conservative estimates of government gross revenues;
- The $701.2 billion in energy revenue is: nearly twice the latest forecast of the $354 billion federal budget deficit; more than the $679 billion paid out in old age security benefits between 2006 and 2020; and more than the $685 billion in employment insurance benefits paid out between 1988 and 2020;
- The $504.9 billion in oil and gas revenue is more than the $499 billion in federal family allowance and children’s benefits paid out between 1970 and 2020.
A PDF of the Research Brief “$701 billion: The Energy Sector’s Revenues to Canadian Governments 2000 – 2019” is also available on the Canadian Energy Centre’s website at: https://www.canadianenergycentre.ca/wp-content/uploads/2021/09/CEC-Research-Brief-17-FINAL.pdf
The CEC’s previous Research Brief “Up to 350 Per Cent Higher at the Pump by 2030: The Impact of Higher Carbon Taxes on Gasoline Prices,” can be found here. A column on that Research Brief can be found here. All of the centre’s research is available at canadianenergycentre.ca/research.
Mario Toneguzzi, based in Calgary, has more than 40 years experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. He now works as a freelance writer and editor as well as a consultant in communications and media relations/training.
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