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)
“The welfare, the happiness, the energy and spirit of the men and women who do the daily work ... is the underlying necessity of all prosperity.... There can be nothing wholesome unless their life is wholesome; there can be no contentment unless they are contented.”
—Woodrow Wilson (1856–1924)
“The earth only has so much bounty to offer and inventing ever larger and more notional prices for that bounty does not change its real value.”
—Ben Elton (b. 1959)