When Tar Sands sludge leaves Canada so does most of the wealth associated with it. Most of the Tar Sands is foreign owned, most of the revenue goes straight into foreign pockets.
More than two-thirds of all oilsands production in Canada is owned by foreign entities, sending a majority of the industry's profits out of the country, says a new analysis released Thursday by a British Columbia-based conservation group.
The research by Forest Ethics Advocacy was based on an analysis of shareholder information in January 2012 from Bloomberg Professional of more than a dozen companies, including nine with headquarters in Canada, and six with their head offices in other countries. It found 71 per cent of the ownership of oilsands production was foreign, while the foreign-based companies controlled 24.2 per cent of the sector's production.
"Some notably Canadian oil companies, such as Suncor, Canadian Oil Sands and Husky, are predominantly owned by non-Canadians," said the report. "The data also shows us that more than half of Canada's oil and gas revenue goes to foreign entities."
Forest Ethics Advocacy said that its own analysis on ownership demonstrates that recent efforts by Harper's government to weaken Canada's environmental protection laws and speed up approval of industrial projects are not in the national interest.
"Since the beginning of the year, our federal government has either cut or gutted every piece of environmental legislation designed to protect our land, air, and water while aggressively pushing for the expansion of the tar sands and the building of new pipelines, such as the controversial Enbridge Northern Gateway pipeline and supertanker project," concluded the report. "Harper has claimed to do this in the name of Canada's national interest while attacking anyone who disagrees."
So just who are the Harper Conservatives toiling so assiduously for? For you? For me? For Canada? No for Foreign Oil and, in Comrade Steve's case, for the People's Republic of China.