- September 27, 2013 - 11:37
600 million barrels of oil at $100 a barrel equals 60 billion. Subtract 10 billion for development costs and there is 50 billion left. The Newfoundland government will get roughly 30% of that which equals out to 15 billion dollars. Why on earth do we have all these whiners, moaners and complainers crying about this great news? Besides the royalties, corporate taxes and equity payments, each development in our offshore will create about 1000 long term direct jobs, onshore and offshore. Between Hebron and this near future Bay du Nord development, we are talking about 2000 high paying steady jobs!! More indirect jobs will also be created. I always hear people complain that oil revenues are creating haves and have nots, but before the oil finds we also had haves and have nots in Newfoundland. Things haven't really changed at all! But oil money is helping Newfoundland keep taxes lower, university tuitions low, infrastructure from crumbling, giving discounts to seniors, and hopefully bringing our economy and technology up to first world standards. Where would we be without it? Would you want to have a 20 billion dollar debt? A HST of 15% or more! Or an electricity bill that you couldn't pay for! That is where we would be! Newfoundlanders are well known to be some of the friendliest and most optimistic people in Canada, so I think we should embrace this great news and look forward to the future.
- September 29, 2013 - 07:30
For you to imply that poverty is a given here in Newfoundland is both callous and naive but then to go on and insinuate that we should embrace it because we are a nice people is nothing short of patronizing, senseless mockery. Shame on you sir. Shame on you.
- Tim Jamison
- September 27, 2013 - 11:02
More money, more people, more construction, higher average wage. Excellent news. Better economy, better lives for all of us. And the reason he said "light, sweet oil", Gerard, was to indicate the lack of H2S and the ideal viscosity of the oil, which will make it easier and cheaper to extract, resulting in more money for everyone
- Gerard Neil
- September 27, 2013 - 09:18
"there are hundreds of millions of barrels worth of light, sweet oil" SWEET oil?! holy crap are you ever sucked into the trap. this amount of oil will last the world about a week (at the 2011 rate of 88/day), but the "excitement" will keep our housing market from crashing like it ought to, and our prices will increase for food, rent, etc., even though nothing changes in terms of jobs. shame on us for our closed minded-ness, our narrow mindedness and our lack of vision. does anyone see that there are studies out today saying we are causing the climate change with our use of OIL?!?! SWEET? go drink a cup
- September 27, 2013 - 19:59
The problem being that for the foreseeable future what is the alternative? In a few short weeks winter will most certainly show up as usual here on the Rock and you/we will turn on some form of heat and consume energy. It has always been that way!
- October 01, 2013 - 09:23
That's the way it works. Each field all over the world contributes to the energy we all use and need including you!
- September 27, 2013 - 04:27
"1,100 kilometres below the surface of the Atlantic Ocean" - someone needs an editor to catch that. change kilometres to metres and it'll be correct.