Smith Unveils Ambitious Energy Plan for Alberta

Alberta Premier Danielle Smith has outlined her vision for increasing oil production to eight million barrels per day by 2035, which would make Canada a major player in meeting global energy demands. Smith emphasized that global demand for oil and gas is not going away, especially in Asia where growing economies are looking for stable and reliable supply.

The Premier pointed out that Alberta currently holds more than 177 billion barrels of recoverable oil reserves, worth over $12 trillion at today's prices, making it the world's fourth-largest recoverable oil resource. She also highlighted recent reserve assessments showing Alberta's recoverable natural gas resources have increased six-fold to approximately 144 trillion cubic feet.

Smith believes that governments around the world are rethinking their assumptions about energy due to recent geopolitical developments, including Russia's invasion of Ukraine and instability affecting energy transportation routes through the Strait of Hormuz. She noted that nearly every major economy has experienced inflationary pressures in recent years, with energy costs playing a central role.

To achieve her goal, Smith emphasized the importance of building stronger partnerships with Indigenous communities and addressing concerns raised in British Columbia regarding a new export pipeline. She suggested future arrangements could mirror aspects of the Trans Mountain Expansion tolling structure, where provincial governments receive revenue benefits from energy transportation infrastructure.