Back in 2014, every citizen in oil-rich Norway became a theoretical millionaire after the country’s oil fund – the world’s largest sovereign wealth fund – crossed the $1 trillion mark. Six years down the line and deep in the throes of the worst energy crisis in modern history, Norway has a much bigger cushion than most oil-producing nations as its recent US$41 billion drawdown from the fund (~4.2 percent of the fund’s value) proves. In sharp contrast, Alberta’s oil sands are facing a deep crisis after failing to save adequately during the oil boom even as the ravages of Covid-19 continue to be keenly felt and foreign oil firms keep bailing on Canada’s energy sector.

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