The case for a heritage fund

The Globe had an interesting piece on the collapse in B.C. gas exploration auctions. Oil and gas companies had been paying big prices for gas leases - $70 million a month, on average, last year. But the last three auctions have produce an average $6 million.
The action has moved on. The best properties had been claimed and natural gas prices are low.
Which has Energy Minister Rich Coleman thinking about selling the gas more cheaply by cutting royalty rates.
And me wondering again if a heritage fund for non-renewable resource sales would be more responsible and encourage better government decisions.

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