Public oil company needed, provinces given share options

Perhaps it is time for the Canadian government to consider owning an oil and gas company like it did with Petro-Canada during the 1970s/90s.

The corporation’s articles, government regulations and statues should all state that only federal, provincial and municipal governments of Canada can own common shares; while other citizens (including corporations) can only own preferred shares. 

Furthermore, every city within Canada should be given, not sold, options (preferably without expiration date) to buy shares: totalling up to 20 per cent of common shares available at the time. These options should be based on population. The provinces should be given the option to buy 40 per cent of common shares available at the time, based on population.

This would hopefully prevent privatization of the company like happened with Petro-Canada, and the company’s articles should state that if common shares are sold to corporations then the company becomes dissolved. The allowing preferred shares, without the option to convert to common shares, leaves the option to generate sources of financing through shares. By allowing common share ownership by local municipalities this should increase the voice of the electorate.

This oil and gas company should also have as part of its articles that it is only allowed to operate within the limits of supply and demand, not by the prices set by its competitors. 

This would allow the company to regulate gas prices in a fair manner, but still in accordance with (quasi-) market principles.

Statues and its articles should also state that this oil and gas company will not artificially offer lower prices at the pumps (P1) or pay less than fair market prices (as set by what supply and demand should offer) for products along the supply chain (P2). 

Furthermore, a goal should be set that this oil and gas company should be a complete supply chain from oil drilling to retailing. Once the goal is achieved, these two principles should be maintained to both keep fair market regulation as well as to prevent carrying a deficit on the books from one part of the chain which would have to be made up by another part (which if large enough may not be able to be done).

The articles of this company and statues should also state that this company’s management is independently run from the government in power, and is answerable to a parliamentary committee that is composed of an equal number of seats of all official parties.

 

David Sutch

 

 

Just Posted

UPDATED: Police call off search for body under Agassiz Rosedale Bridge

Swimmers reported discovering body two days ago

Garbage truck and van collide on 6 Ave.

No serious injuries in mid-day collision

A man around town: Trevor McDonald

If it’s musical or entertaining and in Chilliwack, Trevor McDonald’s probably had a hand in it

Dew worm races back at 2nd annual Ryder Lake Summer Fair

The Fair is back for the second year after a lengthy hiatus

Five calls on local highways, mountains for Hope rescue squad

Injured hikers, injured motorists and one casualty has Hope SAR team busy

Here’s what you need to know about Day 1 at the BC Games

All 18 events kick off on the track, riding ring, fields, courts and lake in the Cowichan Valley

Site C dam project plagued by problems: expert

E. Harvey Elwin expresses concern about internal BC Hydro and government documents

Former hockey scout with NHL Oilers hired as WHL Giants’ senior advisor

Hockey exec’s experience ‘a huge asset for us as we continue our pursuit of a championship,’ GM says

Sole Girls makes its move in Chilliwack

The youth organization is hosting its first day camp in Chilliwack

Seal attacks kayakers in the Broughton Archipelago

“It has to be one chance in a million of this happening.”

New trial for man who was given the wrong medical records

Accused built case on records sent from Surrey Pretrial that weren’t his, though he thought they were

Victoria-area park sign removed after glitch redirects to porn site

Resident looking to learn more about workout equipment discovered the problem code

Special Olympic athletes take on BC Games during special anniversary

Known as the Global Day of Inclusion, July 20 marks the first Special Olympics in 1968 in Chicago

Scammers dressed as Mounties threaten to arrest senior if she doesn’t cough up cash

Pair of fraudulent officers threaten to arrest 90-year-old woman

Most Read