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Left-leaning party sweeps to power in Canada’s oil-rich Alberta

May 06, 2015 7:38 AM ETEnbridge Inc. (ENB) Stock, ENB:CA StockBP, XOM, COSWF, SU, SHEL, IMO, CNQ, ENB, TRP, HUSKF, CVEBy: Carl Surran, SA News Editor139 Comments
  • In a stunning election result, voters in Canada's energy-rich Alberta province swept aside the four-decade hold on power by the ruling Progressive Conservative Party and elected an New Democratic Party majority government that wants to raise corporate taxes and increase oil and gas royalties.
  • NDP leader Rachel Notley - who has vowed to raise the corporate tax rate to 12% at a time energy companies are reeling from layoffs and project cancellations amid weaker oil prices - is expected to succeed Jim Prentice as Alberta’s premier.
  • Notley has said she would not lobby for the proposed Keystone XL pipeline to link Alberta’s oil deposits to refineries in Texas, and that she is against the Northern Gateway pipeline from Alberta to the British Columbia coast.
  • She also has promised another review of oil royalties at a time other oil producing areas around the world that are also struggling with low oil prices are expected to make their terms more appealing.
  • Relevant tickers: ENB, SU, TRP, IMO, CNQ, CVE, OTCPK:HUSKF, OTCQX:COSWF, XOM, BP, RDS.A, RDS.B

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