Lougheed says Alberta will have to figure out how to replace declining energy revenues

[CHIMO]

EDMONTON - Alberta’s next premier will have to review the province’s tax base to figure out how to replace declining oil and gas revenues, former Premier Peter Lougheed says.

While the prospect of raising personal and corporate taxes is politically difficult, it may be necessary given the permanent decline in royalties from natural gas and convention oil, Lougheed said.

Also, the province should take steps now to avoid the overheated economy that made Alberta a high-cost place to do business in the boom of the mid-2000s, he said Monday.

That could be done by moving to “orderly,” phased-in development of the oilsands, he said.

http://www.edmontonjournal.com/news/Lougheed+says+Alberta+will+have+figure+replace+declining+energy/4760443/story.html
May 10, 2011 5:55 PM