ALBERTA'S WELCOME ROYALTY MOVE
The government of Alberta has joined a growing list of sovereignties able to recognize economic jeopardy when it clobbers them in the treasury and respond appropriately. This year the province, which accounts for 80% of Canada's oil production, has watched its most important industry collapse. Oil production has declined by 60,000 b/d since January. Only 34% of the rig fleet is at work. Royalty revenues are plummeting.