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Originally Posted by flamesfever
Their profits are already taxed, and the tax money helps the government to provide the services we need. The money that is left goes to maintain the reserves of oil and gas that keeps them in business, and a portion goes to pay off debt, overhead, and to give dividends to shareholders.
The argument is not against Climate Change, but how we can go about fighting it in a manner that is economically and practically feasible and acceptable, and does not massively disrupt the world economy and people's lives.
I'm happy to see we both agree that Canada can play a part in the fight. We have been blessed with very large reserves of natural gas, and using this to displace coal would be a large contribution.
Our energy workforce in Canada have always been at the forefront of the energy geoscience and engineering technology, and I am confident will play a significant part in things like thermal energy, carbon capture, various emission reducing techniques, nuclear energy, etc.
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Originally Posted by Leondros
Most Canadian oil companies are just using up their tax pools this year or last. Meaning most Canadian oil and gas companies were not profitable when factoring in their capital spend until recently. Shareholders of oil and gas companies over the last 30 years have actually seen a worse investment than that of the average treasury bond. It was not until coming out of COVID that there has been a large push for dividends and share buybacks. To say “continue to post ludicrous profits” is disingenuous.
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https://www.macrotrends.net/stocks/c...inc/net-income
https://www.macrotrends.net/stocks/c...gy-/net-income
https://www.macrotrends.net/stocks/c...oil/net-income
There have been some ups and downs. But these companies have been very profitable more often than not. And what they all have in common is a big surge in profits over the past 2 years. We need a profit windfall tax and we need it now IMO. Canada is leaving billions on the table by not doing it.
https://www.nationalobserver.com/202...lion-canadians
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The argument is not against Climate Change, but how we can go about fighting it in a manner that is economically and practically feasible and acceptable, and does not massively disrupt the world economy and people's lives.
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Well the unfortunate reality is that some amount of "unacceptable" disruption to people's lives is completely inevitable at this point, it's just a question of what form will it take. Would we rather it to come in the form of taxes that cause people in rich countries to have to live less oputently and extravagently? Or do we it instead want it to come in the form of frequent and severe droughts, wildfires and famines, vanishing rivers and reservoirs, heat stress, soil salination, rising sea levels, and massively increased flooding, that will unleash a wave of upheaval and human suffering on a scale never before seen?