The number of 4.7 billion dollars has been flying around in Alberta recently for different reasons.

The most common relevance of $4.7 billion was the often touted tax give away to large corporations which was used to beef up reserves, increase dividends, bonuses, or buy back shares but did not increase jobs as it was intended. Tens of thousands of jobs have been lost since the tax give away was announced.

If this is to be believed then each and every Albertan paid out $110 for big corporations benefit at the cost of more jobs.

The less commonality of 4.7 billion is the extreme cost of remediation and/or clean up of 77,000 abandoned wells. Not the environmental costs of abandonment, but the remediation and clean up of the abandoned well.

The costs are said to cost between $20,000 and $61,000 per well. So if we go with $61,000 times 77,000 abandoned wells it would cost $4.697 rounded off to $4.7 billion.

Premier Kenney wants the federal government to pay the costs, protect the environment and create jobs for Albertans after giving the same amount of money to some of the same companies who were profiting and abandoning the wells.

We also have on the books, 90,000 inactive wells which could become abandoned if we don’t take actions, now. That could be $5.4 billion hit in the near future at today’s estimates.

There is some resistance and resentment from Canadians and even some Albertans. That 4.7 billion that went to already deep pockets could of created jobs for Albertans and protected the environment.

Why did we not address these wells when we were in boom times? These wells did not pop up overnight, they have been around for up to half a century. Who is to blame? Who was looking out for Albertans? Apparently it wasn’t the big oil companies or the governments.

Perhaps it is time to hit the rest button?