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Transition is difficult at any time, and particularly in a recession. But responsible leaders do not ignore the science pointing to a climate tipping point in a decade. This is not the time to double down on fossil fuel stimulus, investment and subsidies. Nor is blaming the federal government (in power for just over one term) for the lack of pipelines.

It’s time to face the truth. We are an oil state, with all its advantages, entitlements, hubris and decades of quid pro quo between the oil industry and the people in power, neglecting Alberta’s long-term well-being.

Despite 15 years of prices from $50/barrel to $100/barrel (inflation-adjusted) there is little to show in the public purse to buffer our recession. Alberta’s Heritage Trust Fund is sitting under $20 billion, unlike Norway, which started its fund 15 years after Alberta and now has $1 trillion as insurance against the future. That is leadership in the public interest.

Royalties have declined from roughly 30 per cent in Lougheed’s time to close to three per cent in the last few years; and yet the Big Five (Suncor, CNRL, Cenovus, Imperial and Husky) continue to post billions in profits. Albertans aren’t told that most companies operating in Alberta are foreign-owned, taking those profits elsewhere!

Anyone close to industry knows the Western Sedimentary Basin is virtually empty and conventional companies have been losing money since 2009, transferring low-producing wells to junior companies, with growing numbers taking what they can and walking away from clean-up obligations; now totalling $260 billion.