Speaking of banking problems, it is getting awfully lonely in triple A.Tim, it is admirable the way Canadian banks have managed to insulate themselves from the toxicity which pervades much of the financial sector. However, the fact that Canada is an extractive economy should be cited when noting its comparative fiscal health. When oil increased from $27/bbl in 2003 to $147/bbl in 2008, this made previously uneconomic oil/gas reservoirs viable. The fracking bonanza is a symptom of this and Canada is a beneficiary of the oilfield expansion which has ensued during the current era of higher oil prices.
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