Wow! This'll mollify an unhappy natural gas industry. Unhappy? How could they not be: hundreds of millions of dollars invested in BC natural gas, prices utterly collapsed, and nowhere to sell all this gas. If LNG doesn't fly, more than a few jobs and executive bonuses are on the line.
How did they get into this plight - all these highly paid, highly educated executives? Stupidly, lemming-like stupidity, coupled with greed. A bad mix. Gas, and oil, gold, copper, and other commodities, all attract greedy opportunists who lose their minds in the presence of possible obscene profits. The herd mentality takes over, the shareholders all put the pressure on, and governments get bought or infected or something equally unpleasant.
With LNG, there's a global struggle going on. The Asian buyers for LNG are pressuring to reduce prices. The natural gas producing companies, and countries, want to keep the price up. The producing companies are pressuring national and regional governments to reduce costs, and here in BC, goodness only knows how much Christy Clark's government will knuckle under.
This is an odd announcement, even in this context.
Because this seemingly new royalty credit was actually announced in February 2013. Applications were accepted until April 18, and this announcement merely trumpets the information that the projects sent to government back in the spring, were approved for credits.
This is nothing. Wait for it, British Columbians, Christy Clark, Mike Coleman, and Bill Bennett are cooking up a much more significant subsidy to LNG in mind.