Perhaps, but when the PC's were discussing an Alberta royalty review a while back, the Canadian oil industry underperformed it's US counterpart by some 15% until the PC's finally backed off. I don't expect this reaction to be a whole lot different.
Canadian based companies with overseas interests could very well be beneficiaries here as investors who want to safeguard their investment capital, but don't want to abandon oil at a time prices are looking to eventually regain the $70 threshold, look for alternatives. Buying US currency/companies at this juncture is not a strong bet as the CDN dollar will climb with oil, eroding any US gains. On the other hand, companies like AOI offer a very viable alternative.
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