January 12, 2016 6:22 pm
Updated: January 12, 2016 8:21 pm

Royalty review won’t raise costs amid ‘unprecedented’ drop in oil: Notley

WATCH: The drop in oil prices has translated into lost jobs, mostly in Alberta. As Reid Fiest reports, that province's premier, Rachel Notley, admits she's having to re-evaluate her plans for the provincial budget.

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EDMONTON – Alberta Premier Rachel Notley says the energy industry can rest assured that her government’s royalty review will not result in increased costs to anyone in the near future.

Notley says she doesn’t want to discuss details before the review is finished, but adds she can definitely say costs won’t go up while the industry is experiencing an “unprecedented” drop in oil prices.

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Alberta’s four-person royalty review panel, headed by ATB Financial president Dave Mowat, has been taking submissions and listening to opinions since September.

READ MORE: Alberta royalty review still weeks away 

The panel’s report was to come out by the end of 2015, but Notley says it won’t be ready until the end of January.

She has faced criticism over the uncertainty the review has created for the industry.

READ MORE: Kevin O’Leary promises $1M investment if Alberta premier resigns

Oil prices dipped bellow US$30 a barrel Tuesday from a high of more than US$100 a barrel for West Texas Intermediate in 2014.

© 2016 The Canadian Press

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