B.C. Overhauls Oil and Gas Royalty System by Changing ‘Broken System’ of Subsidies

Takeaways:

• The B.C. government plans to phase out its current fossil fuel subsidies and introduce a new system for royalty payments.
• The largest oil and gas subsidy in B.C., the Deep Well Royalty Program, will be eliminated.
• Existing credits will expire in four years.

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