$1.5 Billion Budget Error Sparks Calls for Accountability in B.C. Government

The British Columbia government has admitted to a nearly $1.5-billion error in its latest budget, which will significantly reduce projected natural gas royalties from industry over the next five years.

A review by the Ministry of Energy and Climate Solutions identified an administrative error related to its natural gas price forecast, leading to an average reduction of $292 million per year in forecasted gas royalties.

The error is on the extreme low end of what independent experts have calculated, with one study suggesting that the previous framework had likely hemorrhaged billions of dollars to industry.