"The problem that is made, is a "made-in-Alberta" problem with the oil sands growth that we've seen this year".
The bottom has fallen out of the Canadian oil market this year ever since the Federal Court of Appeal overturned a decision by the central government to approve the Trans Mountain pipeline, which drove the Canadian oil discount to new highs relative to its U.S counterpart West Texas Intermediate.
Dave is joined by Calgary Herald business columnist Chris Varcoe.
Western Canadian Select's discount to WTI expanded to US$50 a barrel last month, the widest spread in more than a decade, amid pipeline bottlenecks and reduced demand from USA refineries undergoing maintenance.
The Railroad Commission of Texas did something similar in the 1930s, before OPEC was created, because large oil producers at the time were anxious that independent drillers were over-supplying the market.
"Every Albertan owns the energy resources in the ground, and we have a duty to defend those resources".
The steep discount has stripped billions of dollars from the Canadian economy by some estimates, and at one point Canadian oil was selling for more than $50 less than USA oil traded on futures markets.
A statement from the Prime Minister's Office said those issues will be discussed under agenda items like job creation, trade diversification and competitiveness.
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"We will continue to work with industry to make sure that this curtailment is done in a way that is most effective, and that is responsible, and ensures that we don't curtail one extra drop more than we need to", said Notley. In 1980, then-Premier Peter Lougheed forced cuts to protest a national energy program that he said would have harmed the province's oil industry.
Hapless Alberta takes action as oil prices crash Faced with a crisis moving oil out of the country, the provincial government in Alberta is stepping in to purchase trains in order to ease the midstream bottleneck.
"In the last few weeks, this price gap has reached historic highs", Notley said Sunday in a speech timed to run live on supper-hour newscasts in Alberta.
Alberta's representative in the USA capital for four years from 2007, said it's uncertain how Trump will feel about the province's decision to wade into the free market in a bid to raise crude prices. Once the storage glut is reduced, the cuts will narrow to just 95,000 bpd, which will stay in place through the duration of 2019.
"So, Alberta, it comes down to what is best for us, all 4.3 million of us, the owners of our oil resources". Husky Energy Inc., which owns refineries in Canada and the US, said in an emailed statement that a government-ordered curtailment or other interventions can possibly have negative investment, economic and trade consequences.
The province is directing the Alberta Energy Regulator (AER) to launch the system of curtailment through existing legislation.
"I think those two factors combined are providing a little bit of lift for oil prices", said Craig Fehr, Canadian markets strategist for Edward Jones. The grade's discount to US benchmark oil prices widened to $50 a barrel last month, also a record.
On Wednesday, Notley announced Alberta would increase crude-by-rail capacity by an additional 120,000 bdp, starting in late 2019.