Quote:
Originally posted by CaptainCrunch@May 1 2005, 09:17 PM
Besides it shows shortsighted ness to believe that Alberta only has Oil.# Oil is a big basis for our economy, but as its been pointed out, Alberta has spent a lot of money to diversify its base so we're not dependant on it.
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This diversification point has been used several times to support the notion that Alberta is 'economically self-sufficient', even if Oil goes down the tubes.
I'd really like to know how much of this is reality, and how much of it is wishful thinking. I believe a _lot_ of our diversification has been
within the petroleum industry, in areas like land management, pipeline construction, petroleum-processing, etc. Sure there are other sectors, but something makes me think that these sectors are here-because-of and dependent-on cash running through the province. That cash comes from massive oil profits/royalties.
I once heard an econ professor say that when we had a Toyota plant in Alberta, then we'd be sufficiently diversified to actually think about independence.
I think people want to believe we're not nearly as dependent on oil as we are.
Anyone know exactly how much oil revenues the province accrued last year? As a percentage of total income? What's second and third place? I bet its enough to show that we're not even closed to 'diversified', and we're probably a long way from fully living up to that hope.
edit: Started doing some research on the nature of Alberta's economy and the impact oil has on it. Did you know that the three largest importers of our 'goods' are New York, Illinois, and Washington states? Don't know how relevant it is, but I thought it was interesting.