It was 1975 and Lougheed’s PCs were swimming in oil money like Scrooge McDuck
The Heritage Savings Trust Fund was front and centre in Premier Danielle Smith‘s pre-budget televised speech last week, so there’s a good chance Albertans are going to hear a lot about it when Finance Minister Nate Horner rises in the Legislative Assembly this afternoon to table the provincial government’s annual budget.
In her 8-minute address to Albertans, Smith said she wants to funnel oil and gas royalty revenues into the Heritage Savings Trust Fund to increase it to between $250 and $400 billion by 2050. A report to the Standing Committee on the Alberta Heritage Savings Trust Fund reported the fund had a market value of $21.6 billion in 2023.
Many Albertans know the patriotic version of the Heritage Savings Trust Fund story – a visionary rainy day bank account created in the 1970s by former premier Peter Lougheed meant to preserve Alberta’s oil wealth for future generations. But like many political stories that reach legendary status it is missing a lot of relevant historical context.
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Combing through Hansard, I frequently come across amusing, witty and interesting transcripts of debates that have occurred in the Alberta Legislature since the record keeping service began 45 years ago.
Over the weekend I came across an amusing exchange between two MLAs on May 16, 1972.
Gordon Miniely, the Progressive Conservative MLA for Edmonton-Centre, interrupted Charles Drain, the Social Credit MLA for Pincher Creek-Crowsnest, during the latter MLA’s lengthly contribution a debate over highway right of way, speed limits and and rules of the road.
May 16, 1972:
MR. MINIELY: Mr. Chairman, just a short announcement. The members of the press gallery — as a matter of interest to all members — have undertaken to purchase poppy tea laced with hemlock for all members still in attendance at 1:00 a.m.
MR. DRAIN: Mr. Chairman, this is very encouraging and I am just hoping that they include marmalade. I am now impelled to make a 40-minute speech. With the encouragement that I have received from the hon. members of the press, I will just proceed with this. So brace yourselves.