The threats from O&G producers are hollow. The resources are not going anywhere - it doesn't matter that overall production & exploration is scaled back because it'll eventually be done the next time the economics are favorable (after NG prices rise a little). The realization that the current royalty scheme sucks is a good thing - there is a finite amount of revenue in the oil sands and we deserve more back to set the province up for the future. Once the projected projects are online, Alberta is going to be one of the top exporters of oil to the US. The potential revenues for a good 15-20 year run is going to be huge.
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