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9:15 a.m. The first panel convenes to discuss what, exactly, the problem is. Put simply, a third of Alberta’s revenue comes from royalties collected off bitumen, conventional crude and natural gas. However, the province is captive to the U.S. Midwest energy market. A boom in oil development in the Bakken plays of Montana and North Dakota, combined with a shortage of pipeline capacity, has created a glut of oil on the market, reducing the price Alberta can fetch in royalties. This phenomenon has been termed the bitumen differential, more inaptly, the “bitumen bubble.”

10:25 a.m. Greenpeace walks into the summit and unfurls a sign in front of the panelists that reads, “Cut royalty breaks not social programs,” thereby demonstrating total ignorance of how, exactly, Alberta pays for its social programs. “You’ve made your point,” an audience member groans. The panelists continue talking as if the protesters weren’t there. Eventually, they are shuffled off to the side and escorted out of the room by campus security. It’s all very Canadian.

10: 45 a.m. The second panel sits down. The theme of this discussion is, “Managing Expectations — What Services Do Albertans Need.” The consensus from this group is that Albertans need a great many services, and the expectation they should be managing is the one in which they do not pay a provincial sales tax.

11:19 a.m. George Gosbee, the CEO of AltaCorp Capital suggests labelling a temporary 5% consumption tax a “Differential Sales Tax” to better educate the public about the bitumen differential. “I think it will go over really well with Albertans and leave a lot more stabilized income,” he suggests. No one laughs.