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This article appears in the October edition of the Financial Post Magazine. Visit the iTunes store to download the iPad edition of this month’s issue.

Regardless of who wins the October 19 federal election, it’s increasingly clear that Canada’s days as a would-be energy super-power are over. Some of that has to do with oil’s price crash, but that was just the final straw, albeit a painful one. The resulting national economic pullback since the beginning of the year could be a taste of things to come until something else replaces the oil and gas industry as this country’s economic growth engine.

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After extraordinary growth that attracted energy companies and billions in investments, the industry is in a state of financial strife, and navigating the decline has proved challenging.





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The political will to solve the oilpatch’s woes just isn’t there. During the election campaign, Conservative leader Stephen Harper was blamed for making a big bet on oil and gas at the expense of other industries and causing a recession in the process. He’ll be careful about going big on energy again if re-elected. Other politicians already are. Liberal leader Justin Trudeau and the NDP’s Tom Mulcair seem more concerned about erecting barriers, whether that’s tougher climate change legislation or more pipeline approval hurdles. Alberta Premier Rachel Notley, meanwhile, is only concerned with collecting oil rent to redistribute elsewhere.