Bumper stickers in Calgary read “Please God, give me one more oil boom. I promise not to piss it all away next time”.
We did though.
Alberta’s oil funded savings account is an anemic $16 billion while it has debt pushing $100 billion.
The City of Calgary, the oil capital of Canada, flirted with bankruptcy pursuing an Olympic bid while cutting the funding for police and fire service. At the same time, having no regard for fiscal reality, the Council committed $600 million for a NHL hockey rink.
The Government of Alberta pushed oil sand production before oil companies could responsibly deal with the environmental damage. Now there is a mess in northern Alberta that will take billions to remediate.