People often use Norway as a comparison to Alberta because they have a trillion dollar wealth fund and we don’t, but the two places couldn’t be more different.
Watch as I explain the differences in forms of government and the benefits and challenges those differences can present.
Differences aside, I also check to see how they’re weathering the oil crisis. It turns out, Norwegians are experiencing many of the same problems despite socialist claims that it’s so much better over there.
It’s undeniable that low oil prices are a factor in Alberta’s struggling economy but it’s more than right to point to NDP policies like increased corporate taxes, a royalty review, the carbon tax, increased property taxes and minimum wage hikes to show how they scare away investments. These are the reasons Alberta isn’t faring as well as other major oil producing countries amidst this economic downturn.
Norway doesn’t scare away investments because they know that oil and gas production is a vital asset to their economy. They welcome business proving that it simply isn’t the socialist utopia some claim it to be.