Alberta
Alberta produces 84% of Canadian oil from the world's third-largest reserves, $33.7B in 2022 royalties creating boom-bust volatility now facing decarbonization pressure.
Alberta functions as Canada's energy keystone, producing 84% of national oil output and hosting 97% of proven reserves in oil sands deposits that rank third globally behind Venezuela and Saudi Arabia. This concentration creates an economy that amplifies global commodity cycles—when oil prices rise, Alberta booms; when they collapse, the province sheds tens of thousands of jobs. The 2014-2016 price crash demonstrated this volatility, while 2022's price spike generated record $33.7 billion in royalties.
Calgary serves as the corporate and financial hub where major producers maintain headquarters; Edmonton anchors the industrial, refining, and research complex. Fort McMurray—devastated by wildfire in 2016—remains the operational center of oil sands extraction. This spatial division of labor creates distinct metropolitan economies: Calgary's white-collar workforce contrasts with Edmonton's blue-collar and technical employment base.
Decarbonization pressures create existential questions. The Trans Mountain Pipeline expansion (completed 2024) provides Pacific export capacity, but carbon pricing and ESG investment shifts threaten the oil sands' competitive position against lower-emission producers. Whether Alberta can diversify into technology, agriculture, and renewable energy—or whether extraction remains the dominant mode—shapes the province's multi-generational trajectory.