I gave the following one-minute statement today (Sept. 18th) in the House of Commons.
Newfoundland and Labrador’s offshore oil industry has turned our economy around.
Oil has replaced the codfish as currency, although we must never turn our backs on the fishery.
While Alberta owns the oil beneath its soil, the Government of Canada holds ownership of oil beneath the sea.
But the Atlantic Accord outlines how Newfoundland and Labrador is to be the principle beneficiary of the offshore oil and gas industry off our shores.
Only we are not the principle beneficiary.
To date, the Government of Canada has realized a profit of almost $1.7 billion from its 8.5 per cent stake in Hibernia.
The province has offered to buy Ottawa’s stake, but this government has shown no movement.
The Atlantic Accord is clear, Mr. Speaker – Newfoundland and Labrador is to be the principle beneficiary.
When will this Conservative government start living up to that principle?
We have to make the most of non-renewable resource revenues. They will not last.
As a have-province, we’re not asking for a handout, but a follow through on a deal that been done.