you woke up screaming aloud, a prayer from your secret god The sky is falling in Alberta. Exhibit A:

Mike & Michelle

Thu, Oct 25, 07 at 08:20 PM

We feel that Stelmach has made a big mistake. We feel that the revenue hike was done out of greed and didn't think enough about the overall outcome. Our economy is going to be hurt by this decision; this could lead to less people moving to Alberta. We just bought a condo and fear that this may lead to property price depreciation. We will never vote for Stelmach again!

That comment page from the Calgary Herald website is predominantly comprised of similar sentiments, expressed with varying levels of sophistication. I don't know if what he decided was good or bad, but people sure are quick to predict doom and gloom out there. This report was not exactly created by idiots:

Chaired by Bill Hunter, former president of Al-Pac with more than 30 years experience in the natural resource sector, the six-member Royalty Review Panel also includes experts in resource taxation and the royalty system. The panel will collect input from Albertans and key stakeholders.

I think the reaction is mostly a result of the campaign waged by the oil and gas industry prior to the report being completed - emails and editorials circulated weeks ago (from what I've seen anyway). I don't have time to read the entire 105-page report right now, but I quickly glanced through the "How does Alberta compare?" section and the committee presents a convincing case for amending the formula at least a little. Go ahead and read it if you are so inclined - the report is posted on the Alberta Royal Review homepage. They do a pretty good job explaining how they reached their conclusions, breaking down industry jargon so it makes sense to the average citizen.

I will be very interested to see how this plays out in markets and in the business community over the coming weeks.  | ¶ 1:23 a.m.