The Canadian Taxpayers Federation is calling on New Brunswick Premier Susan Holt to lift the natural gas ban.
“Holt doesn’t need five months of study to see the obvious: lifting the ban means jobs, growth and hundreds of millions of dollars to help pay down the province’s massive debt,” CTF Atlantic Director Devin Drover says.
In August, the Holt government called for a review of the province’s moratorium, and it is expected to be completed in January. The ban has been in place for more than a decade.
The Federation added that a 2014 economic impact study found that 150 to 200 natural gas wells would boost the province’s economic output by up to 1.8 billion, and generate up to $354 million in tax revenue.
“This would be worth $478 million in today’s dollars when adjusted for inflation and doesn’t include royalties the province would collect on the gas.”
Drover said Holt shouldn’t be leaving billions of dollars buried in the ground while taxpayers pay interest on the government’s credit card.
Public review by Holt government underway
In a news release, the government says it launched the public review to examine whether the conditions associated with the province’s moratorium on natural gas development still reflect today’s science, technology, market and regulatory best practices.
It added that the review is part of the government’s broader work to explore all options to strengthen New Brunswick’s economy and create new opportunities in a changing global economic and geopolitical environment.
“New Brunswickers and our province are facing significant economic pressures, and we have a responsibility to leave no stone unturned as we look for opportunities to strengthen our economy and create good-paying jobs for New Brunswickers,” said Premier Susan Holt. “That means being willing to ask difficult questions and doing the homework before making decisions.”
The review will consider five areas including First Nations rights, interests and priorities; resources, including the size and nature of New Brunswick’s natural gas resources and the current state of the industry, science, technology and environmental impacts; economic benefits; and public support.
