CBC: McKenna says shale gas could mean $7B in royalties, taxes

Former Liberal premier Frank McKenna says developing the shale gas industry could generate more than $7 billion in royalties and tax revenues for New Brunswick, bringing an end to the province's debt and deficit problems.

McKenna sided with Alward's Progressive Conservatives on the controversial issue during his speech at the sold out Saint John Board of Trade luncheon, which more than 500 political and business leaders attended on Monday.

The Opposition Liberals have called for a moratorium on shale gas.

McKenna, who is deputy chairman of TD Bank Group, said environmental concerns about shale gas need to be respected and addressed, but should not stop development.

New Brunswick's "survivability" is at issue, he said during his speech, entitled "Hope Restored — a future in energy."  MORE