This is a catch 22 I know it would be good for the province of Alberta but it would be bad for me, me, me and my portfolio. I know it won’t really be bad for the Oil companies will oil ever fall below 70 again?

From the Globe and Mail:

EDMONTON — Alberta is missing out on billions of dollars in oil money, particularly in the oil sands, according to a landmark report yesterday, and rookie Premier Ed Stelmach promised a decision within three weeks on the issue that will likely define his government.

“Albertans do not receive their fair share from energy development and they have not been receiving their fair share for some time,” said Bill Hunter, chairman of the panel that conducted the public review and wrote the report.

The report, described locally as the most important in a generation, called for a higher oil-sands royalty and a new tax, concluding that higher rates wouldn’t drive oil companies to other countries. Giants such as Exxon Mobil Corp. and Canadian Natural Resources Ltd. had threatened that higher royalties would mean lower activity, hurting Alberta and the country.

The report concluded that Alberta in 2006 should have received $11.4-billion from energy royalties, taxes and other levies, fully 20 per cent more than the $9.5-billion collected.