Still cooling my heals in LA. Saw a great musical the other night called Wicked. It’s the story of the Wizard of Oz told from the perspective of the witch. Essentially the story rehabilitates her into the hero of the story. This might be the best broadway show I have ever seen. We drove around Malibu and walked on Rodeo Drive. Lots of dough sloshing around here.
But back in New Brunswick, I see a little different story. First, you have the TJ reporting on the closure of an Olin Corp. plant in Dalhousie. Closed, the article says, because of the high value of the loonie, increased transportation costs, soaring electricity bills and small, outdated facilities.
But, in order to keep things reasonable positive, the TJ also ran on Thursday “Province to see massive jump in oil, gas royalties” – to $4.6 million by the end of 2008. Wow. $4.6 million. Time to set up a Heritage Fund. The governments goal of self-sufficiency will require the elimination of $1.5 billion (with a Kirk MacDonald ‘B’) in Equalization within 18 years and we get stories talking about the ‘massive jump’ in oil and gas royalties to $4.6 million.
That must be some kind of joke. When New Brunswick starts generating $460 million in oil and gas royalties maybe we can start using the word ‘massive’. But until such time, I would suggest using a little more tempered language.