"The policy implication for Canada is that while Ottawa has imposed some new restraints on oil sands activity by foreign state-owned enterprise, other measures on the policy dial may have to move the other way. With more competition for investor dollars, deficit-fighting federal and provincial governments may have less room to manoeuvre in setting taxes and royalties than was earlier the case.
"Both pipelines and reasonable royalties will be critical to avoid killing the black-gold goose."
The complete CIBC World Markets report is available at: http://research.cibcwm.com/economic_public/download/eiapr13.pdf.
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