Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The economic intentions of the NEP included, but were not restricted to: creation of a blended or made in Canada price of oil a new

The economic intentions of the NEP included, but were not restricted to: creation of a blended or "made in Canada" price of oil a new and rising federal tax on all natural gas and gas liquids the imposition of a petroleum and gas revenue tax of 8 % on net operating revenues before royalty payments the phasing-out of depletion allowances for oil and gas exploration and development creation of a federal share of petroleum production income at the wellhead additional (new) incentives for energy conservation and energy conversion away from oil, particularly in eastern Canada establishing a Canadian ownership levy (tax) to assist in financing the acquisition of the Canadian operations of one or more of the multinational oil companies, with the objective of achieving at least 50% Canadian ownership by 1990 Question # How was the NEP interpreted by the Western provinces, in terms of the economic consequences upon the affect provinces? The program, as one might expect, was extremely unpopular in Western Canada, but most so in Alberta where the majority of Canada's oil was (and remains) produced. The Canadian constitution provides that natural resources fall within the domain of the provincial jurisdictions, and all Western provinces objected, aggressively, to the federal government's: 1) taking over the control of those resources 2) charging new taxes on those resources 3) attempting to seize control of revenues that were the right were the right of the provinces to receive receive receive

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics of Money, Banking and Financial Markets

Authors: Frederic S. Mishkin

9th Edition

978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905

More Books

Students also viewed these Economics questions