Former Alberta premier Peter Lougheed gave his stamp of approval to the current leader's contentious plan to charge energy companies more money to develop the province's resources.
Lougheed, one of Alberta's most respected political leaders, praised Premier Ed Stelmach Monday for striking the right balance with the oil and gas royalties.
'It is a very good decision.'—Peter Lougheed, former premier of Alberta
"It's a very difficult decision because you're balancing on one hand the people who are the owners of the resource with the interest of the developers and the operators," Lougheed said at a funding announcement in front of his grandfather's home in Calgary.
"I've thought about it quite a bit and discussed it with the premier and his staff and his colleagues, I've come to the conclusion that on balance it is a very good decision."
Lougheed said the fact that both sides of the issue are upset at the Stelmach government means it was the right decision.
Royalties in Alberta will jump by $1.4 billion starting in 2009, shy of the $2 billion a government-appointed panel called for in a review released in September.
Critics slammed the government for not going far enough, while the oil industry had warned any increases would force an economic downturn and job losses.
Lougheed's rise to the premier's office started the Progressive Conservative party's current dynasty of 36 years in power. He ran the province from 1971 to 1985 and also raised energy royalties during his tenure.
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