RE: Canada: Energy CEOs call for national policy

Translation: the Alberta royalties report, on which the Round-Up has much more, has the oil industry in Canada turn to the federal government, which they trust, with the Tories in power, will be far more "business-friendly".

The federal government in Ottawa tried at least once before, late 1960's, to impose a national energy policy, and that time came close to causing a constitutional crisis, over Alberta's claims that it was master in its own house. Ironically, that time around Alberta was the more industry-friendly party.

The whole royalties question could well lead to another crisis in Canada, with both political power and industrial profits at stake, and down the line it will likely lead towards the judicial courts.

One thing has changed since the last time a national energy policy was on the table: NAFTA. It looks like it may be time to re-check its stipulations. US oil companies taking either Alberta or Canada's federal government to court, perhaps even a US court, is a distinct possibility under NAFTA.

Given what's at stake, starting with North American energy security, and including $150-200 billion in investments by non-Canadian companies, plus $trillions in potential profits, drawn-out court fights seem inevitable.