There are many countries just waiting to come in to Alberta to start. Alberta has emensly low taxation unlike middle east locations as an example...
India - most middle class families want cars and they will need oil.
China - they have more people named Chou with cars than our population in Canada and they want oil as well...
No we do not need to bow down and yes we need to raise the rates to World levels. I'll see If I can find that info for you who are interested. IMO this is a complete PR move to cause more panic in a country that is on the verge of "recession" panic.
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