Alberta’s oil-rich future and a pivotal election
of the International Energy Agency the world must reduce oil usage to a quarter of current levels by 2050. That’s 27 years away.
Amid these poles – a flood of oil money and oil’s inevitable decline – the crucial question during Alberta’s spring election campaign is how to harness its wealth to secure the province’s long-term prosperity. It will require strong, steady, and focused leadership. The province has had leaders with foresight, Peter Lougheed chief among them. He served as a Progressive Conservative premier from 1971 to 1985. He led during the first truly big-time boom and later in a brutal bust. In the mid-1970s, he established the. It was a wise idea – but over the decades badly managed. Its $19-billion value, adjusted for inflation, is the same as … 1979.
Alberta instead spent its oil money as it landed. In good times, like the mid-2000s, it helped the province effectively reach zero debt. But no clear plan followed, spending ballooned, and deficits and debt re-emerged. Today, Alberta can chart its economic destiny. The 2020s should be a transformative decade. The province has a bounty of fossil fuel wealth. It rapidly
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