The other thing is that the current jobs in the city can support the current oil production indefinitely. Canada is one of the lower cost places to maintain supply. The initial Processing facilities represent about 50% of the capital cost of producing the oil. So adding additional wells is far cheaper and sustainable in a $40 oil environment then new construction.
Now the rate the world turns away from fossil fuels will be much slower than the rate of resovoir decline so those who can maintain production at a lower cost will do better in a declining oil demand environment.
The world has hit peak $40 oil. So Alberta has some of the lower cost oil to maintain production so in a world with flat or declining demand Alberta is well positioned not to die. Companies with debt will go bankrupt but the producing assets will still produce and maintain production.
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