Doubling down on Alberta’s oil and gas sector is a risk Canadians can’t afford to take | The Narwhal
There’s no question that people across Alberta need urgent help. In the accommodation and food service sector alone, nearly 100,000 workers have already lost their jobs, and similar numbers seem likely in retail trade. The oil and gas sectors have seen thousands of layoffs and postponed labour as the province’s companies limit production and shelve all plans for expansion, upgrades and maintenance.
But is injecting tens of billions into oil and gas corporations the right kind of help?
Would the proposed assistance address the root causes of the crisis? Alberta’s economic hardship started before COVID-19 and is grounded in over-dependence on those inherently cyclical commodities. But rather than pursue diversification that could shelter Albertans from the pain of future shocks, these sorts of investments double down on the status quo, hitching the wagon firmly to volatility and uncertainty.