Kinder Morgan agreed to a $1B revenue sharing deal with the province of BC?!?!
That's effectively a transfer of resource wealth from Alberta to BC. It is little skin off of Kinder Morgan's back. The revenue sharing cost will get built in to the pipeline tolls, which ends up coming out of the pocket of oil companies due to poorer netbacks, which means lower taxes and royalties paid by oil companies to the province of Alberta.
It is basically Christy Clark's original offer to Alberta.
Holy crap that is one hell of a precedent that is going to be a fun story to follow.
|