I also believe that because we are the best energy market in the world, energy companies should be forced to pay a larger premium per unit volume of energy (be the product liquid or gaseous petroleum) than they are currently paying. Canada does not operate a national energy company like many other petroleum rich states such as Norway; therefore, energy companies should pay a larger royalty per barrel to compensate the Canadian people. The Canadian peoples strong belief in capitalism has protected the energy companies from a nationalize energy supply; but, this does not mean that we should be excluded from the benefits of our riches. I am firm believer that Canada should not be competing with other nations on royalty schemes for the above mentioned reasons.

Increased revenues from the royalties could be divided in two. One half would be used for R&D and stimulus for clean energy projects to help reduce the impact of “dirty oil” exploitation (carbon sequestration, low interest loans for economically feasible clean energy projects, etc.) and the other half could be used to create a sovereign wealth fund similar to Norway. Properly invested, a sovereign wealth fund could convert a depleting resource into a “renewable resource” of sorts (you only spend the interest of the investment and do not touch the principle).