Special Ed Stelmach Rides to Rescue the Oil Patch

Alberta's premier has unveiled his own stimulus initiative - tax breaks and drilling incentives for small and mid-size energy companies.

"The future of the energy sector is of critical importance to this city, but as well to our province," Premier Ed Stelmach told a Calgary Chamber of Commerce luncheon.
"The chill in global financial systems is impacting Alberta families and businesses. As government, we can't control our global financial markets or the price of commodities. But there are things we can do."

Thursday's government lifeline is the third financial respite offered to the oilpatch in less than a year.

The oilpatch promptly bit Stelmach in the ass.

"It's meaningless, there's no substance to it, it's not going to do anything," said Marshall Abbott, chief executive of Sabretooth Energy Ltd. "I don't see any relief coming any time soon."

The Stelmach government's oilpatch bailout drew sharp criticism from the Pembina Institute, an environmental policy think-tank.

Marlo Raynolds, executive director, said the government should instead invest in renewable energy development to diversify its petroleum-dependent economy.

"Providing corporate welfare or corporate handouts to a fossil fuel industry in my mind goes directly against where the rest of the world is going,"Raynolds said.