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Since the fracking ban, gas companies that were creating jobs have left

Outgoing Finance Minister Roger Melanson told reporters the government wants a high tax on beer because “NB Liquor is an important contributor to generating revenues for us to be able to support (government) programs and be able to invest in the economy.” In other words, the province’s policy to lower its deficit is to maintain barriers to trade within Canada while keeping beer (and other taxes) high. No wonder working families are leaving the province in record numbers.

This brings us to the province’s indefinite moratorium on hydraulic fracturing. It has been four months since the independent commission tabled a report on how to proceed. Yet, the government, which says job creation is its top priority, has done little to move this file forward.

New Brunswick still has no independent regulator, it has not established a royalty regime that would benefit the province as well as First Nations, nor has it moved to establish regulations over wastewater and groundwater. Instead, the province has blamed the gas industry for not doing more when regulations can only be established by the government.

The natural gas companies that were creating jobs in New Brunswick have left for other jurisdictions with clear rules and a level playing field. After investing millions, SWN Resources suspended its operations a year ago and all but abandoned New Brunswick. Corridor Resources opened an office in Calgary last year to eye more promising opportunities out west, where fracking for gas resources is routine. Last week, this Halifax-based company abandoned its plans to spend $70-million in capital investments in New Brunswick. Those investment dollars will now create jobs elsewhere.

New Brunswick’s economic strategy favours protectionism to open markets, high taxes over competitive rates, and is opposed to developing its own resources. Canada’s weekly magazine Maclean’s in March asked, Can Anything Save New Brunswick? We should ask today if the provincial government is even trying.