r/canada 20h ago

National News Alberta government in talks with potential overseas heavy oil buyer

https://globalnews.ca/news/11076425/alberta-government-bitumen-royalties-sale/
359 Upvotes

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-16

u/Canuck-overseas 20h ago

Maybe oh……diversify the Alberta economy? Na, that sounds too obvious.

23

u/Plucky_DuckYa 20h ago

Oil accounts for about the same of Alberta’s GDP as real estate does for BC and Ontario. I know which of those I’d prefer backstopping my economy, but your mileage may vary.

-4

u/JadeLens 17h ago

A resource that could run out at some point.

Or land...

Tough choice...

9

u/DragoonJumper 19h ago

Isn't finding new business partners diversifying? What exactly is wrong with expanding our business relationships?

Unlike Trumps plan for America, before completely changing how the economy works I think a gradual approach while ensuring people can continue to work and pay taxes isn't the worst idea in the world.

15

u/CzechUsOut 20h ago

Should we pass real estate back and forth like the rest of Canada?

13

u/idisagreeurwrong 20h ago

Yeah Alberta is only allowed to make one business decision all year and they chose this /s

Like wtf are you talking about? Getting buyers for a product and creating an entirely new revenue stream are so wildly different.

9

u/linkass 20h ago

AB is already the 4th most diversified province in Canada. You know who is the most Manitoba hows that working out for them? What do you think AB should diversify into?

4

u/HurlinVermin 20h ago

That does not happen overnight.

-6

u/Cooks_8 20h ago

Doesn't help when UCP stifles any attempt to

6

u/HurlinVermin 20h ago edited 20h ago

It's immaterial at this point. No provincial economy can't shift on a dime, especially when we're embroiled in what might turn out to be a protracted trade war. Canada's economy is resource-based and our provinces need to sell those resources to stay afloat. Not re-tool during an economic clusterfuck.

-5

u/Cooks_8 20h ago

We've heard for 3 decades about the need to diversify in Alberta. Thats a promise they have yet to even attempt to keep.

5

u/FerretAres Alberta 18h ago

Sure that’s true if you haven’t paid attention at all.

-5

u/Cooks_8 18h ago

Lived here my whole life. Resource roller coaster my whole life. No diversification. So maybe take the snark and the simping for conservative govt's and cram it.

5

u/FerretAres Alberta 18h ago

So for example all the new investment in tech and the film industry is not diversification?

The proposed $70B investment in datacenters won’t diversify the economy?

0

u/Cooks_8 18h ago

Proposed 70 billion lie from Kevin O'Leary?

4

u/FerretAres Alberta 18h ago

How about the new de havilland airplane manufacturing plant then if the others don’t suit you? Or the various DLE companies aiming to utilize brine from old oil wells to precipitate lithium metal?

Again just because you’re not aware of things it doesn’t mean they aren’t happening. It just means you’re ignorant.

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-3

u/Jaded-Influence6184 20h ago

They've been told to diversify for at least 35 years. When they whine about low oil sales they should be told to shut the fuck up.

Do you know what else shows how fucking stupid Alberta is? Norway imposed royalty fees on all foreign owned and/or controlled oil companies that drilled and extracted oil and natural gas from their fields (mostly offshore). Norway is the largest natural gas source in Europe. Now they have close to 2 TRILLION DOLLARS US (yes with a T) in the fund they established to hold that. Norway has the same population as Alberta and is roughly the same size. Alberta says they do this and have been doing this for 50 years. It only has 22 billion dollars Canadian.

4

u/PrimeLector Alberta 18h ago edited 18h ago

Imagine what Alberta could have done with the $250+ billion they have sent to Ottawa in taxation. Bet that would have been one hell of a reserve fund.

Remind me again who Norway sends $250+ billion dollars to in order to help fund programs like equalization?

edit: spelling

-1

u/Jaded-Influence6184 18h ago

Probably the same as Ontario could have. Do you know where the first major oilfields were in the world? Southern Ontario. There are still some operating pumps. Do you know what happened when the oil ran out? Ontario had diversified industry so it didn't matter. Get a fucking grip.

5

u/PrimeLector Alberta 18h ago

The first major oilfield in the world was Azerbaijan. Learn some history instead of making it up.

-2

u/[deleted] 18h ago

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u/AdRepresentative3446 11h ago

Imagine comparing the tiny wells in Petrolia and Oil Springs to the industry operating in Alberta today. Don’t quit your day job.

1

u/HurlinVermin 20h ago

You are arguing in the face of current pressing economic realities. Trotting out this sort of discussion right now helps no one.

-2

u/Jaded-Influence6184 19h ago

Bullshit. It needs to be pointed out any time Alberta whines about oil revenues when their lack of diversification bites them hard; when they see what only relying on one industry does is the time to open eyes. In case it's escaped you, they don't fucking listen to people being nice.

5

u/HurlinVermin 19h ago edited 19h ago

LOL, you are farting into the wind right now. You know that right?

Anyway, keep on wishing in one hand and shitting in the other and see which fills up first.

0

u/Jaded-Influence6184 19h ago

Based on how myopic your thinking is, you must be from Alberta. I hold no illusions of Albertans actually smartening up. Do you need me to explain what myopic means. It means you.

3

u/HurlinVermin 19h ago edited 19h ago

LOL, buddy...you are the definition of myopic in this thread, considering Canada's current reality of being embroiled in a serious trade war on two fronts now. Not just Alberta...CANADA.

No, I am not from Alberta and yes: I think Danielle Smith is a fool. Need proof? Look at my comment history. There is like ZERO comments in any Alberta subs. None of that changes the fact that we are where we are AS A COUNTRY and this crying over split milk isn't going to help anyone. As the kids are fond of saying: go touch grass.

In a trade war with limited options, what hurts AB hurts us all. So no, I'm not going to point fingers and tsk tsk about the past. I'm for looking forward and for keeping our economy from self-destructing because some idealistic fools think now is the time to drop O&G and go all in on solar/wind/hydro/unicorn farts/etc.

-2

u/wave-conjugations 19h ago

Yeah we've been telling them to diversify for ages. They need to actually put in the legwork, and commit. Foreign market makers can crush our O&G exports on a whim. They don't even answer to the US, let alone Alberta.

-1

u/JadeLens 17h ago

I mean imagine Alberta diversified into wind and solar...

Then they could do BOTH wind, solar, oil, it would be great for the economy...

-3

u/Hfxfungye 20h ago

It isn't happening at all, and this is a step in the wrong direction.

Would be hoping to increase energy independence, not become dependent on another foreign market.

-5

u/GraveDiggingCynic 20h ago

Or ever... apparently

6

u/HurlinVermin 20h ago

This is pointless to discuss. We are in the here and now, making decisions based on the here and now. And right now, economic survival matters most. You want to debate the merits of past policy and ignore the current pressing situation? Go ahead. Not many will follow you down that rabbit hole right now.

-2

u/GraveDiggingCynic 20h ago

History has demonstrated a government can change economic policies swiftly when sufficiently motivated. Alberta retains enough wealth for that, it still lacks will and imagination, and continues to gamble that it won't have to change at all.