NEP and Falling Energy Prices
The energy price declines of the early 1980s prompted the federal and provincial governments to update their revenue sharing agreements. The amended agreements allowed for $4.2 billion in higher revenues ($1.7 billion federal government, $1.2 billion each for provincial government and industry), which was 30 per cent of the increase that would have been gained from going to world prices. Interestingly, under the NEP industry was in fact not significantly exposed to the declining global oil prices but rather the largest part of direct revenue losses accrued to governments, meaning that the industry operated throughout the period of the NEP under relatively similar oil prices, the 'made-in-Canada' price of oil (see item (a) in National Energy Program Details, above).
Read more about this topic: National Energy Program
Famous quotes containing the words falling, energy and/or prices:
“with the plane nowhere and her body taking by the throat
The undying cry of the void falling living beginning to be something
That no one has ever been and lived through screaming without enough air”
—James Dickey (b. 1923)
“Just as we are learning to value and conserve the air we breathe, the water we drink, the energy we use, we must learn to value and conserve our capacity for nurture. Otherwise, in the name of human potential we will slowly but surely erode the source of our humanity.”
—Elaine Heffner (20th century)
“On the breasts of a barmaid in Sale
Were tattooed the prices of ale;
And on her behind
For the sake of the blind
Was the same information in Braille.”
—Anonymous.