Oil market wild cards
The turmoil in oil markets may continue. The NPD won a plurality the Alberta election in the national Conservative stronghold (current national party in power). This may have repurcussions in the tar sands projects which are likely already suffering from poor to nonexistent margins and very negative press in relation to the carbon footprint of that particular source of energy. Canadian provinces have a large participation in provincial projects such as the tar sands in comparison to states in the US vs the Federal government. In this market climate provincial policies in favort of tar sands may change. The ultimate question is the fate of the XL pipeline. It would be ironic if it was put on the shelf due to a change on the Canadian side.
Second is the the likely reentry of Iran into global oil exports in a big way if a nulcear deal is agreed on that monitors their production of enriched uranium. Iran is the 2nd biggest producer in OPEC and wants other members to prepare to slack off production to make room for Iranian oil exports. This would continue pressure on prices. If a deal is reached this summer they will start ramping up.
Re: Oil market wild cards
Keystone pipeline is not only for the the tar sands of Canada to move crude oil along but it has been planned that ND Bakken oil also to be moved by Keystone pipeline. ND oil would shift to the pipeline because in long term it would be safer way of movement and cheaper and also move it into more favorable markets for sale than they are being moved to now. I also believe it would lead to more development in Dakotas , Montanna, and Wyoming for other formations in these states where they think huge reserves of oil may exist.