Not going to scare away Big Oil: Michael
Posted: Oct 5, 2011 7:20 PM NT
Last Updated: Oct 6, 2011 8:23 AM NT
Lorraine Michael says the NDP's pledge to make companies working in Newfoundland and Labrador's offshore oil industry pay more taxes will not hurt the industry or prevent exploration.
"It's one of the wealthiest industries in the world, and as a matter of fact, I don't think we tax them enough," Michael said Wednesday during a one-hour phone-in on CBC Radio's St. John's Morning Show.
In a platform released two weeks ago, the NDP says it wants to add a petroleum surtax of three per cent, which is expected to turn over $68 million in revenues to pay for expanded social programs. [VIDEO: See Michael's appearance on On Point.]
Michael said the extra tax will not keep companies away.
"The oil industry is so large, so big, that you're not getting people that are speculating when they're doing their exploration. They know what they're doing," Michael said. [Read a profile of Lorraine Michael.]
"They want the resource around the world, and they will come for it."
Click on the audio button above to hear Michael's full appearance on the show.
Michael was the third party leader to take questions from St. John's Morning Show callers.
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