{"id":64214,"date":"2025-09-15T13:27:28","date_gmt":"2025-09-15T13:27:28","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/09\/15\/nation-building-project-may-not-resurrect-oilpatch\/"},"modified":"2025-09-15T13:27:28","modified_gmt":"2025-09-15T13:27:28","slug":"nation-building-project-may-not-resurrect-oilpatch","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/09\/15\/nation-building-project-may-not-resurrect-oilpatch\/","title":{"rendered":"Nation-building project may not resurrect oilpatch"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--feature\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Energy<\/li>\n<li class=\"breadcrumbs__item\">Oil &amp; Gas<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Even if Mark Carney approves a massive new oil pipeline as part of his nation-building drive, the days of the oil sector producing a confetti cannon of cash are likely gone for good<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Sep 15, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">16 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"9244b27f-d68e-4417-a1e7-1886701ef21c\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=1200&amp;h=675&amp;type=webp&amp;sig=CKseiqqYQ9dKWfwqa1pUXg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=2400&amp;h=1350&amp;type=webp&amp;sig=SWRYHdu6ORiH8ihvmXNPZQ 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=1200&amp;h=675&amp;type=jpg&amp;sig=8pUsm5mwhI8sPaZIhhE5zw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=2400&amp;h=1350&amp;type=jpg&amp;sig=jt307FVkep5QeJrK9zN2aw 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=768&amp;h=432&amp;type=webp&amp;sig=hvhjKO8FjEVnu2Dr2MBK_Q,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=1536&amp;h=864&amp;type=webp&amp;sig=GrscUekuZgA_Uni_ZVt7BQ 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=768&amp;h=432&amp;type=jpg&amp;sig=-dQp57EIWIWdlhn-TpmDFw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=1536&amp;h=864&amp;type=jpg&amp;sig=XoCgOBxC5vPeMXOxICSN5Q 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=375&amp;h=563&amp;type=webp&amp;sig=pjdSzYz7UpyM91daWEdu0Q,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.jpg?quality=90&amp;strip=all&amp;w=750&amp;h=1125&amp;type=webp&amp;sig=EQkL-hfxiZ3XwpDxPZ7o3w 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"credit\">Photo by Ryan Jackson<\/span> \/<span class=\"distributor\">Edmonton Journal<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Tyler Pubben was making as much as $1,000 a day working in the oilpatch when he was fresh out of university in the early 2010s. The pay was enormous for a man in his 20s, but he worked hard. As a trained geologist, he was also a hot commodity in a rapidly growing industry, putting in 12-hour days and bouncing from one project to the next.<\/p>\n<p>A big, black gold rush had taken hold in Alberta. Many of the world\u2019s biggest oil companies \u2014 hailing from Beijing to Houston \u2014 converged on a remote patch of Canadian hinterland to strike it rich.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border ad__section-border--story article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment9394724220524812308398504857829376\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" 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REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p data-async=\"\">Workers such as Pubben got in on the action. Anyone with<span style=\"font-weight:400\"> \u201ca pulse and a degree or any experience\u201d was getting hired to work on an oilsands mine or a construction site, he said, and making buckets of money.<\/span><\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot newsletter--indent\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories7702872053564682365718644985430016\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/19.5.1\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\" style=\"margin-top:8px\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p><span style=\"font-weight:400\">\u201cWe were always desperate for people,\u201d he said.<\/span><\/p>\n<p data-async=\"\">Oil prices stayed above US$100 a barrel for long stretches during this era. The rally fuelled a lavish spending spree in the industry as new technologies unlocked more underground oil reserves and pushed production to fresh highs.<\/p>\n<p>For Pubben and others like him, it was a bonanza, a rare shot at incredible wealth. And he has come to realize it wasn\u2019t just unusual. It may never happen again.<\/p>\n<p data-async=\"\">The bust that followed the bonanza cast a long shadow over the oilpatch. After a painful recession and a drawn-out recovery, Alberta\u2019s standard of living has still not returned to the highs of those glory days.<\/p>\n<p data-async=\"\">There is hope the federal government under Prime Minister Mark Carney will help fuel a new era of growth for the industry by potentially approving a massive export pipeline for oil. But even something as ambitious as a nation-building project, as the pipeline is described, may not be enough to create a bout of <span style=\"font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Oxygen-Sans,Ubuntu,Cantarell,'Helvetica Neue',sans-serif\">prosperity that parallels the last major boom,\u00a0economists and industry watchers say.\u00a0<\/span><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p data-async=\"\">\u201cEven if we went back to absolutely insane growth in oil and gas demand, we\u2019re not going to see the same growth in oil and gas hiring that we had before,\u201d Pubben, who remains in the industry as president of K.C. Waunch Petroleum Consultants Ltd., said.<\/p>\n<p data-async=\"\">Critics of the federal Liberals hold Justin Trudeau\u2019s government responsible for much of the oilpatch\u2019s struggles since the boom years. But global markets have shifted \u2014 the long-term outlook for demand has dimmed, according to the International Energy Agency \u2014 so any hopes for a return to the highs of the 2010s may just be a pipe dream.<\/p>\n<figure class=\"embedded-image article-content--column\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=mFaEPgKCXP6cBPOzoGOGUQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=Nh6zanpzEqU10_JQOlh8Lg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=aO9hMpZysF6Z7xUUHyf23A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=d9WnxogvP0sWb2gdUnRhSw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=GrD-1baB3VuEDNO1aT9Ptg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=wjvmDNfYPVPZ_FerID0yNQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=Jz9QELSWn920V-E8UQ_Ijg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=UC5lt79bOxIlviuKSw9-Zw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=FTWrFPqAe2OiotxJkSIboA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=XUVCH9JjQeFGpcEE4yhbfw 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Oilpatch jobs\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=bDHkpOTKgdhhjLC_-o3uBA\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=bDHkpOTKgdhhjLC_-o3uBA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=Zk0f0pW2-Q3GwZVOq1YeAg 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-jobs-gs0912.jpg?location=column&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=CYgpRVHJYUPV0Z0qa3llDQ\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\">Tyler Pubben and his wife travelled the world on the riches from a $1,000-a-day salary working in Alberta\u2019s oilpatch during the boom years.<\/span> <span class=\"credit\">Photo by Handout<\/span> \/<span class=\"distributor\">Tyler Pubben<\/span><\/figcaption><\/figure>\n<h2>Divine intervention?<\/h2>\n<p>A famous bumper sticker pasted onto pickup trucks from Houston to Calgary bears this phrase: \u201cPlease God, let there be another oil boom. I promise not to piss it all away next time.\u201d<\/p>\n<p>Pubben said he tried not to squander his share of the riches from the last major boom.\u00a0But he still led an enviable, jet-setting lifestyle in his 20s and 30s. He and his wife Laura \u2014 they met at a Denny\u2019s restaurant in Calgary \u2014 honeymooned in the Alsace region of northeastern France, an area known for its wines and castles.<\/p>\n<p>The couple filled the pages of their passports with stamps from other parts of Europe, New Zealand and a wide swath of Africa, from Zambia and Botswana to Kenya and Rwanda.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>Pubben said the boom times were good to his family; the amount of money he made was \u201cbonkers.\u201d Even after clocking all those air miles, he still managed to squirrel a lot of his earnings away into savings.<\/p>\n<p>\u201cIt let us do what we\u2019re doing now, which is running two companies and having two kids, and feeling that we\u2019re not stressed about the economy, even though it definitely isn\u2019t doing as well as it once was,\u201d he said. \u201cAt the time, we managed to build that nest egg.\u201d<\/p>\n<blockquote class=\"article-content--column\">\n<p>I have a hard time seeing us going back to the early 2010s, as much as many Albertans might think that that should be the norm<\/p>\n<p>Charles St-Arnaud, Alberta Central chief economist<\/p>\n<\/blockquote>\n<p>Still, the ironic bumper sticker about wasting oil riches became all the more meaningful for workers after the boom turned to bust in late 2014. Global markets were overwhelmed by a colossal glut of oil, sparking an eviscerating rout that left lasting scars in Alberta.<\/p>\n<p><span data-olk-copy-source=\"MessageBody\">New technologies had allowed companies in the United States to pump oil and gas out of shale rock. It set off an energy revolution that would transform that country into the world\u2019s biggest producer.<\/span><\/p>\n<p data-async=\"\">In just seven years, these U.S. companies hit a level of production that took Canada seven decades to reach, according to a Bank of Canada report.<\/p>\n<p data-async=\"\">As gushes of shale oil hit the market, Saudi Arabia and its allies at the Organization of Petroleum Exporting Countries (OPEC) decided not to cut production, an apparent attempt to steal market share back from U.S. producers.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<figure class=\"embedded-image article-content--full_page\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=Dk41KpuF6CKcVYycCNvEQw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=qsA6Kd11F2Urc3CbXWjVwg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=osm-tHg9IlXRm-MlBQGfnw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=4wypigL7Q-kzh-9yXMm3gA 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=mJIWPP9Zalp8kBNR8GX_GQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=qHo7WtLp3yOj9rijI7Bovg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=q7ljqs8zvV9uckLogIy5HA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=TebCYJSnb84NldTKAxZ7Fw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=0ZmDJbk0zvZY_WQ76mERRw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=lf0pGqx4FhxlliiF6iJLbg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Oil boom bumper sticker\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=tlrQxgNjwDHN7zRMEQ20rQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=tlrQxgNjwDHN7zRMEQ20rQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=BlwelsFjbbp56eIzID1BpA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Oil-bumper-sticker-gs0912.jpg?location=full_page&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=VftIzv-l1G4WBFizDXEJtg\" height=\"900\" loading=\"lazy\" width=\"2400\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\">A famous bumper sticker pasted onto pickup trucks from Houston to Calgary when the oil sector was slumping pledged to not waste the next oil boom. The Calgary skyline is seen in the distance.<\/span> <span class=\"credit\">Photo by Ted Rhodes<\/span> \/<span class=\"distributor\">Calgary Herald<\/span><\/figcaption><\/figure>\n<p>Neither side gave in, not even when demand from major oil-consuming countries such as China started to slow. Markets were suddenly awash in the black fuel, forcing North American prices to fall by more than half, plunging to less than US$50 in the early months of 2015 from above US$100 a barrel the previous summer.<\/p>\n<p><span style=\"font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Oxygen-Sans,Ubuntu,Cantarell,'Helvetica Neue',sans-serif\">There had been other crashes before, but this one was seismic. It drew a line in the oily sand dividing everything that came before the bust from what happened next. It marked the end of what may be the final round of unchecked, over-the-top growth in the Canadian oilpatch; t<\/span><span style=\"font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Oxygen-Sans,Ubuntu,Cantarell,'Helvetica Neue',sans-serif\">he last major boom from the industry\u2019s confetti cannon of cash.<\/span><\/p>\n<p>\u201cI have a hard time seeing us going back to the early 2010s, as much as many Albertans might think that that should be the norm,\u201d said Charles St-Arnaud, chief economist at Alberta Central, a financial group that represents credit unions. \u201cIt was an exception in the grand scheme of history.\u201d<\/p>\n<p><span style=\"font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Oxygen-Sans,Ubuntu,Cantarell,'Helvetica Neue',sans-serif\">In the months and years that followed, the industry and investor appetite for spending changed so dramatically, so completely, that there may be no turning back.\u00a0<\/span><\/p>\n<p>An early sign of this shift arrived almost immediately: cost-cutting became the new religion in the oilpatch.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p data-async=\"\">A historic round of mass layoffs and consolidation hit thousands of families and emptied office towers in downtown Calgary. Estimates of the carnage vary, but Statistics Canada said Alberta\u2019s resource sector, which is dominated by oil and gas and also includes forestry and mining, shed 54,000 jobs in the two years following its peak in July 2014.<\/p>\n<p>Gary Fraser was working on an oilsands project north of Fort McMurray, Alta., when he lost his job in January 2015. At the age of 50, with a teenage daughter at home and a mortgage to pay, he was among the early casualties of the crash.<\/p>\n<figure class=\"embedded-image article-content--column\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=5YNGQWsw74P1t4asdb0wvQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=2nLwGU1VrecliDlKrylFmQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=lzQKn1XJ_JjCFvA9fNsh3g,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=gy96M54Gd4aQtRfr6Z0XXA 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=9w17qgqRzMi3vcaeB9IvCA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=eWaM5IIfWYb8owrYWVF5Gw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=2m-bxOFdWcap8PgKVHYgxg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=PbkhUQzWZ7bCWTjRTVYMow 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=G-A2uETl7BVRDU-1rDCKvA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=Dkr3g7AmWbzw67h7ypS7FA 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Alberta oil jobs chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=AuxDG_tjDPDWByBaDolTUg\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=AuxDG_tjDPDWByBaDolTUg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=lz2uvDfBwS7TulnEj0ElBA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/alberta-oil-gs0912.png?location=column&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=6gZgVvYRix4koL5BmpyWnQ\" height=\"767\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p data-async=\"\">By that time, Alberta had plunged into a\u00a0severe economic downturn, worse than the great financial crisis, according to the Alberta bank ATB Financial. The 2015-16 rout even shook the national economy, though it wasn\u2019t enough to throw Canada into a recession.<\/p>\n<p>Fraser and everyone else in his position were learning the hard way what it\u2019s like to search for work in a downturn. <span style=\"font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Oxygen-Sans,Ubuntu,Cantarell,'Helvetica Neue',sans-serif\">Months went by and he wasn\u2019t getting anywhere.<\/span><\/p>\n<p>\u201cWas I scared? Absolutely,\u201d he said. \u201cI mean, let\u2019s face it, I never thought at that age I would actually be without work.\u201d<\/p>\n<p>The engineering technologist said he believes his age was the main reason why he kept getting rejected.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>\u201cI was too old,\u201d he said. \u201cThey didn\u2019t want to spend the money on my expertise or my knowledge, and I couldn\u2019t accept anything lower.\u201d<\/p>\n<p>He eventually landed contract work, but it wasn\u2019t always steady. By the end of 2016 \u2014 two years after he was laid off \u2014 he had burned through two thirds of his retirement savings.<\/p>\n<p>Fraser used the downtime at home to finish some renovations: new windows and doors and another layer of paint on his two-storey home in Calgary. The work kept him busy, but these weren\u2019t simply pet projects. The whole point was to make sure the house was in good shape in case his family had to sell it and start over. Luckily, it never came to that, but life wasn\u2019t easy.<\/p>\n<p>\u201cIt wasn\u2019t looking very good is what I was thinking,\u201d he said. \u201cI had to figure out a better way to present myself.\u201d<\/p>\n<p>In some ways, Albertans are still living in the shadow of the bust. The province remains the wealthiest in Canada, but its workers have been losing ground, St-Arnaud said.<\/p>\n<p data-async=\"\">On average, Albertans\u2019 purchasing power has dropped since the height of the boom, something made worse by a historic round of inflation. Their quality of life \u2014 measured by how much money the economy churns out for each person \u2014 has deteriorated, he said. The province\u2019s unemployment rate, 8.4 per cent in August, is close to double what it was during the boom.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<figure class=\"embedded-image article-content--column\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=owUmIAjWL8FHyDHeYq_gyQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=4dmeWhWSlKfKdz-0FdgB1w 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=dsN8nqhAdcE_OUM76uOBtQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=w2ai2oswVe7-Rq9svMGFKg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=mVkCETbynriQUADiZFX5uQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=l8FFVbo3wHHteeC4VYw67w 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=fctScyMgzAW5Gr7OJH-p-A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=-6mSGNcs-21S7qogVnITNg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=L8zHmV_Zkr3q-o0X43uUUA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=R1oZ6gDrrDkZlijp33303g 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"oil price chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=1-rbc7olquqHnuy-T2QWPA\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=1-rbc7olquqHnuy-T2QWPA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=ENTs6IvKjSoFaE7RJNND9g 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/oil-price-.png?location=column&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=sG-8UYf5tBfv2hg-n5f7Gw\" height=\"765\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>St-Arnaud said oil and gas workers are not the only Albertans falling behind. Just as the boom lifted the broader economy, the bust pulled it down.<\/p>\n<p>Employers in other industries had to compete and pay more for workers when times were good, and 20-somethings such as Pubben were raking in $1,000 a day in the oilpatch. But when tens of thousands of people like Fraser were out of a job all at once, those same employers suddenly had leverage to pay less.<\/p>\n<p>\u201cYou expect, as an individual, that I\u2019ll be able to buy more, or I\u2019ll be a bit better off next year than I was last year,\u201d St-Arnaud said. \u201cBut after 10 years of feeling that you\u2019re always getting worse off, it starts to create tension and general disgruntlement.\u201d<\/p>\n<p data-async=\"\">He said this tension in Alberta, this new wave of public frustration \u2014 with calls to separate from Canada echoing in some pockets of the province \u2014 are a legacy of the post-boom economy.<\/p>\n<p>The anger boiled over again after Canadians elected another Liberal government in Ottawa earlier this year. Many conservative voters in Alberta and Saskatchewan felt this was a new mandate for the same old party they believe has been hostile to their industries for a decade.<\/p>\n<p>Fraser <span style=\"font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Oxygen-Sans,Ubuntu,Cantarell,'Helvetica Neue',sans-serif\">isn\u2019t about to throw his support behind the separatist movement, but he is sympathetic to many of the frustrations at the heart of it. He said Trudeau\u2019s Liberals left a legacy of distrust in the oilpatch.<\/span><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>\u201cThey caused too much damage, and we need a change,\u201d he said. \u201cNow they\u2019re talking that they want to start doing business again in this country. They want to market ourselves on the global stage again, but it\u2019s hard to do that when you\u2019re not letting the investors build the infrastructure that they need.\u201d<\/p>\n<p data-async=\"\">The politics of pipelines was an important source of animosity and bitterness that came to define the Trudeau government\u2019s relationship with Alberta and Saskatchewan. It also helped shape public opinion in those provinces about who was to blame for any economic challenges, St-Arnaud said.<\/p>\n<p data-async=\"\">During their first term in office, the Liberals effectively killed Enbridge Inc.\u2019s proposed Northern Gateway pipeline to the northern coast of British Columbia. The company that is now TC Energy Corp. cited new environmental regulations from Ottawa as one of the factors when it cancelled its Energy East pipeline from Alberta to New Brunswick.<\/p>\n<p data-async=\"\">Still, the government approved two other major projects: an expanded Trans Mountain pipeline to B.C. and Enbridge\u2019s Line 3 replacement that runs from Alberta to Wisconsin.<\/p>\n<p>St-Arnaud said a slew of Liberal policies, such as the one banning oil tankers on B.C.\u2019s northern coast, likely played a role in holding back industry investment, but many of the problems today are bigger than Ottawa.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>The reason why some Albertans feel left behind and why their quality of life has not returned to the highs of the boom era has more to do with economics than with politics, he said.<\/p>\n<p>The clearest way to understand this argument is to follow the money. During the peak of the boom, the amount of cash annually flowing into the oilpatch was roughly equivalent to the entire economies of small countries such as Cuba or Uzbekistan.<\/p>\n<p data-async=\"\">Oil and gas companies spent $80.7 billion on their operations in 2014, driven by a surge in the oilsands. The windfall was an engine of staggering growth: Two dozen projects were under construction. Worker camps \u2014 many of them more like lodges, with leather recliners, big screens and AAA steaks on the menu \u2014 were home to 47,000 people. Airlines dramatically scaled up their flight schedules for boomtown Fort McMurray to accommodate the thousands of workers pouring in from across the country.<\/p>\n<blockquote class=\"article-content--column\">\n<p>We&#8217;ve been very good at spinning it that everything is the fault of the federal government and not looking at the fact that there&#8217;s a global context,<\/p>\n<p>Charles St-Arnaud, Alberta central chief economist<\/p>\n<\/blockquote>\n<p>\u201cAgencies like your food bank, or your United Way, or your hospital foundation always made lots of money because industry was so flush,\u201d said Melissa Blake, who was mayor of the Regional Municipality of Wood Buffalo, which includes Fort McMurray, from 2004 to 2017.<\/p>\n<p>\u201cThe hotel rooms were all full all the time. We had concerts coming into town, which we never did when I was growing up. It was hard to host sporting activities because we\u2019d have to put (the athletes) up in work camps as it was the only available space.\u201d<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p data-async=\"\">The surging population, crowded schools and scorching-hot housing market were all byproducts of the oilpatch\u2019s boom.<\/p>\n<p data-async=\"\">In the years since then, Canadian energy companies have not spent so lavishly. This year, they won\u2019t even come close. They\u2019re expected to spend $31.4 billion, less than 40 per cent of the funds they unleashed 11 years earlier, according to the ARC Energy Research Institute.<\/p>\n<p>Critics of Liberal policy put much of the blame squarely on the shoulders of Trudeau, whose government was first sworn into office in late 2015, deep into Alberta\u2019s recession. An agenda of stronger environmental regulations coincided with an era of sweeping belt-tightening in the oilpatch. Foreign energy giants that had once barrelled into Alberta to claim a piece of its black gold were suddenly in another stampede, this time leaving the province en masse.<\/p>\n<figure class=\"embedded-image article-content--column\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=XMvJztfCzDbJubb0odNr1Q,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=Q8GHm7UoM2Va9sNz4gExNg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=2FnAKiSkyuE2cn3FnoO4hA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=ph_7Su1jOglSFhmvphZjgQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=5_Wk4kJ3EW1tti8RUxnZSQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=3FSuf3AdXUqV6vZmop7Mwg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=uNDRX9bUKimv24rkSnL3wA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=EYWMHENCSVFofVZr42eEmQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=mH5foME6ZWL0DRxKmZ1c4w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=chUp2CXDlSDVsxSaJ8YfoA 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Gary Fraser, oilpatch worker\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=-PjRLvqB7jX5SW6zmGMKBw\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=-PjRLvqB7jX5SW6zmGMKBw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=ivLO2VfTdjlew-xCOmMsWQ 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Gary-Fraser.jpg?location=column&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=PoxY4uUt4f90_HJ2jybrLQ\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\">Gary Fraser was working on an oilsands project north of Fort McMurray, Alta., when he lost his job in January 2015. At the age of 50, with a teenage daughter at home and a mortgage to pay, he was among the early casualties of the crash.<\/span> <span class=\"credit\">Photo by Handout<\/span> \/<span class=\"distributor\">Gary Fraser<\/span><\/figcaption><\/figure>\n<p data-async=\"\">But economists say this argument cannot explain what happened outside Canada. Companies in energy-producing countries around the world had also spent record amounts of money during the boom years and they, too, have never spent anything like it since.<\/p>\n<p>\u201cWe\u2019ve been very good at spinning it that everything is the fault of the federal government and not looking at the fact that there\u2019s a global context,\u201d St-Arnaud said.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p data-async=\"\">In the massive swirl of change that consumed the oil industry in the post-boom era, economists say the single biggest catalyst of all was a warming climate. A spate of forecasts predicted that greener technologies, from electric vehicles to renewable power, would lead to much lower demand for oil than what was previously understood.<\/p>\n<p>\u201cThat was undoubtedly the biggest change for the sector,\u201d Trevor Tombe, an economist at the University of Calgary, said.<\/p>\n<p data-async=\"\">The International Energy Agency expects global oil demand will plateau by the end of the decade. Researchers at investment bank Goldman Sachs Group Inc. say the decline will start in the latter half of the 2030s. Some industry groups, including OPEC, reject this view and believe oil demand will continue to rise for decades to come.<\/p>\n<p>Still, Tombe said anxiety over peak demand changed the industry. The line that divided the before-times from the aftermath of Alberta\u2019s last major boom became a canyon.<\/p>\n<p>\u201cPre-2014, when you would look at oil production projections, whether from industry or the Alberta Energy Regulator or others, they featured considerable growth in the years ahead,\u201d he said. \u201cNow, you just don\u2019t see that. There\u2019s still projections for growth, but not at the scale that we saw then.\u201d<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>One sign of this change would arrive the next time the oilpatch\u2019s arsenal of cash overflowed. This time, there would be no confetti cannon.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<figure class=\"embedded-image article-content--full_width\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=Pkd3GZ6drsT1u5eZyXXtZg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=3oMXAHzgq5RIjITQULrdAQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=1UmN1tzYMo14MdhVKWpnVQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=vAVGkyPgKhqpYS8OJ4CJ8Q 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=TxL4DMa7Z9Pkllg37Wyiug,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=ONYLLgN7pHEHVeIAmERDzQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=d5cI-QRtCL8zrycYG8oomw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=4XAiVsj47tDzL0MyJt6e3w 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=3T-mpoOznZNdC4i_hRJyJg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=3HQbdujGKW2lYNTIK770uw 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Russia war on Ukraine\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=2K5qOtMvAabrCIPidweV6Q\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=2K5qOtMvAabrCIPidweV6Q,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=2Odba0cDddd9J9_enMR03w 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/Russia-Ukraine-War.jpg?location=full_width&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=nai98mJGUQtm6bffUFpYoQ\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\">A woman reacts in front of a residential building heavily damaged by a Russian strike in Kyiv, Ukraine, on Sunday, Sept. 7, 2025. Oil markets were seized with the implications of the Russia\u2019s invasion of Ukraine pushing North American prices above US$100 a barrel for the first time since 2014.<\/span> <span class=\"credit\">Photo by Evgeniy Maloletka<\/span> \/<span class=\"distributor\">The Associated Press<\/span><\/figcaption><\/figure>\n<h2>A different kind of boom<\/h2>\n<p>Like many Canadians, Stephanie Seto watched in horror as Russian troops invaded Ukraine in early 2022. She thought about a dear high school friend, a Ukrainian who often returned to her home country. She thought about all the Ukrainians whose homes were suddenly under assault.<\/p>\n<p>Seto, a health-care worker from Toronto, said one thing she was not thinking about was oil prices, even though much of her personal wealth is tied to oil and gas.<\/p>\n<p>\u201cI thought about the poor, innocent people impacted and trapped, and animals impacted, as it always happens with war,\u201d she said.<\/p>\n<p data-async=\"\">Still, oil markets were seized with the implications of the invasion. North American prices spiked above US$100 a barrel for the first time since 2014. Financial institutions and governments in the Western world attempted to isolate and punish Moscow for its unprovoked attack, creating massive bottlenecks for Russian oil exports.<\/p>\n<p data-async=\"\">Fears of supply shortages led to a historic run in oil prices and the biggest boom ever for corporate earnings in the industry. Canadian oil and gas companies recorded $64.5 billion in profits in 2022, according to Statistics Canada.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<blockquote class=\"article-content--column\">\n<p>From my little corner of the industry, I just don&#8217;t see a lot of those jobs coming back even if another pipeline is built,<\/p>\n<p>Tyler Pubben, an Alberta oilpatch entrepreneur<\/p>\n<\/blockquote>\n<p>All of this would have real implications for investors such as Seto. She had been investing her own money in the stock market since 2010, with a major focus on oil and gas. One of her parents had worked in the industry for 31 years, so it was a natural place to park her money.<\/p>\n<p>She said she doesn\u2019t pay too much attention to short-term dips and rallies because she doesn\u2019t trade. She\u2019s a set-it-and-forget-it kind of investor.<\/p>\n<p>\u201cWhen my money goes in, it doesn\u2019t come back out,\u201d she said.<\/p>\n<p>Seto\u2019s oil holdings would become a shock absorber for her portfolio. The rally was one bright spot in a historically dark stretch for markets and the economy. The effects of Russia\u2019s invasion helped fuel the most severe round of inflation in a generation, leading to a painful bout of rising interest rates and a wave of pessimism that tanked stock markets.<\/p>\n<p>The mix of high prices and escalating borrowing costs had meant that oil companies were already facing barriers in reinvesting their largesse in new production. They also had an explicit set of marching orders from their investors.<\/p>\n<p>In the years since the last major boom turned to bust, shareholders demanded that oilpatch executives avoid expensive, long-term projects. Crucially, these companies were to pay down debt and return more of their cash to investors by buying their own shares in the stock market, which can increase the price, and by paying dividends.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p data-async=\"\">This meant that 2022 became a blockbuster year for oilpatch shareholders. Suncor Energy Inc. and Canadian Natural Resources Ltd., two of the country\u2019s largest producers, returned a combined $18.2 billion to investors.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<figure class=\"embedded-image article-content--full_page\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=webp&amp;sig=ek2su4dN0pyBivAazfxptQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=webp&amp;sig=oC9xCRlvxF9NgMrr_hf6lQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1200&amp;type=jpg&amp;sig=uW0ZUzZEXMkmCBP6KaUq-Q,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=2400&amp;type=jpg&amp;sig=6hU0KsetTIWg2GpMnEDh5w 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=768&amp;type=webp&amp;sig=9XgVXWvK6yd8xGcOxrPxmA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=webp&amp;sig=1H9digMHJId95KTG1OGySw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=768&amp;type=jpg&amp;sig=gLI7gMdr5VJM8ZI63oBdZQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=1536&amp;type=jpg&amp;sig=LuU0ajZMspKyBK2OaKuVNw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=375&amp;type=webp&amp;sig=BNbapfcmINliAAmucDoTJA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=750&amp;type=webp&amp;sig=FeLgSgPrH5bQZg6eQce9sw 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Suncor Energy\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=w9CKrXJuDPfyNXqHV8oQPQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=375&amp;sig=w9CKrXJuDPfyNXqHV8oQPQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=90&amp;strip=all&amp;w=750&amp;sig=I92FLqQ6_NhGNlSZMVtaDQ 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/09\/suncor-energy-gs0912.jpg?location=full_page&amp;quality=5&amp;strip=all&amp;w=100&amp;sig=0PWvwwkwck_08wPFzNWn3Q\" height=\"1350\" loading=\"lazy\" width=\"2400\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\">2022 became a blockbuster year for oilpatch shareholders as Suncor Energy Inc. and Canadian Natural Resources Ltd., two of the country\u2019s largest producers, returned a combined $18.2 billion to investors.<\/span> <span class=\"credit\">Photo by Ben Nelms<\/span> \/<span class=\"distributor\">Bloomberg<\/span><\/figcaption><\/figure>\n<p>Seto said she reinvests all her dividend payments into stocks, so the firehose of cash that oil companies trained on their shareholders didn\u2019t amount to an instant payday for her.<\/p>\n<p>Over time, her strategy has paid off. She credits her oil and gas holdings as a key driver that pushed her overall portfolio past the $1-million mark for the first time this summer.<\/p>\n<p>\u201cI took a screenshot of it, and I thought, \u2018Oh my god, I have $1 million in investments right now,&#8217;\u201d Seto said.<\/p>\n<p>The beneficiaries of the 2022 oil boom were not 20-something workers making a fortune fresh out of university. The glory days that folks such as Tyler Pubben enjoyed may be long gone. It was investors like Seto and, more significantly, big institutions and money managers who reaped the spoils.<\/p>\n<p>Canadian governments benefited, too. The industry paid a record $33.7 billion in royalties that year.<\/p>\n<p>Pubben has seen myriad changes in the oilpatch over the 15 years he\u2019s been working in it. Oil companies became far more efficient, having learned how to drill oil and gas wells deeper and faster with fewer workers. An era of spending with reckless abandon gave way to a culture of unwavering fiscal discipline.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>Companies when he started out were proposing massive new export pipelines that would have shipped Alberta oil in every direction from the province, save the North. Now he is witnessing the pipeline debate come full circle.<\/p>\n<p>\u201cAt some point, we will see a new export pipeline,\u201d he said. \u201cFrom my little corner of the industry, I just don\u2019t see a lot of those jobs coming back even if another pipeline is built.\u201d<\/p>\n<p>There may not be another bonanza, but that\u2019s perfectly fine, according to people who closely watch the industry.<\/p>\n<p>A new export pipeline to the B.C. coast would allow more oil to reach markets outside the U.S., giving Canada more influence and autonomy, Jackie Forrest, executive director at the ARC Energy Research Institute, said.<\/p>\n<p>\u201cThe real question, and the most important question to ask is why, when we\u2019re the fourth-largest producer of oil and the fifth-largest of gas, we\u2019re not already an energy superpower,\u201d she said. \u201cIf you look at the definition of a superpower, you\u2019re exporting your energy to many nations, and therefore you have influence and relevance on the global stage.\u201d<\/p>\n<p>By shipping more oil overseas and not relying so much on U.S. customers, Canada could have more leverage in future trade negotiations with the U.S., Forrest said.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<p>A new export pipeline would also bring economic benefits, according to Tombe. It would allow Canadian companies to produce more oil and still get top dollar for it. In the years before Trans Mountain and Enbridge\u2019s Line 3 came online, Canadian oil traded at a steep discount because the industry was producing crude that had nowhere to go.<\/p>\n<p>Eventually, the newer lines will fill. Another one would mean the industry will continue to fetch attractive prices, leading to more royalties and higher corporate income tax revenues for provincial and federal governments.<\/p>\n<p>\u201cJust because something doesn\u2019t spur a bonanza doesn\u2019t mean it is not an important policy to pursue,\u201d Tombe said. \u201cAlmost everything that the government does doesn\u2019t lead to bonanzas, but they\u2019re still worth doing.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: rsouthwick@postmedia.com <\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--feature\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Nation-building project may not resurrect oilpatch<\/a><br \/>\n<br \/>2025-09-15 13:27:28<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Energy Oil &amp; Gas Economy Even if Mark Carney approves a massive new oil pipeline as part of his nation-building drive, the days of the oil sector&#8230;<\/p>\n","protected":false},"author":2,"featured_media":64215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-64214","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/64214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=64214"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/64214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/64215"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=64214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=64214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=64214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}