Nov 6th 2007
OIL prices seem to hit a new peak each week. This is good news for governments which take a cut of revenues. And coffers will swell further as companies explore new sources of oil that had previously been too pricey to extract, such as oil sands in Alberta, Canada. The province's government recently announced an increase in royalties from 47% to 55% of net revenues in 2010. But this is still a relatively small share compared with many countries. The tax man in Norway, Russia and Libya takes over 70% of revenues.
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