Cardinal Energy Ltd (Alberta) T.CJ

Labour Government Hikes UK Windfall Tax.

[VeritasVern]

In a taste of what the US may do with if Cammel is elected. This is from OilPrice:

"The new Labour government confirmed this week that it would raise the windfall profit tax rate by 3% to 38% and increase overall taxation to a punitive 78%, whilst extending the measure (called Energy Profits Levy) by another year to 31 March 2030."

Also what is most likely to support API data showing continued decline to inventories if not this week then next is the purchase of oil to replenish the SPR, adding a floor price:

"US Resumes SPR Purchases as WTI Drops. The US Energy Department purchased 4.65 million barrels of crude for the Bayou Choctaw site of the Strategic Petroleum Reserve at an average price of $76.92 per barrel, with ExxonMobil (NYSE:XOM) offering the most and being awarded 3.9 million barrels."

[Quintessential1]

Yup...and watch all the investment money come north where US WFTs will have no effect.  CJ is Canadian ;-)  SPR repurchases will be good all around.   Oil might be selling off but CJ is holding its own.  What happens when oil goes back up? GLTA