For many in Wild Rose Country, the oil industry is the be all and end all. When it comes to the corporate world, Alberta seems to have difficulty with economic diversification and is still focused on the oil industry as its pot of gold. But after decades, this outlook may be becoming passé.
By putting all its eggs in one basket, Alberta hasn't been able to focus on other areas of the economy that provide payoffs. Every provincial government, for decades, has relied on either oil or gas to keep the province running financially. Experts say it may be time to focus on renewable resources, rather than nonrenewables such as oil. The province even has the Heritage Fund which houses royalties from oil and gas, but coffers are smaller today than they were in the 1980s due to one financial crisis after another.
Oil prices collapsed in 2014 and Alberta was especially hard-hit -- much worse than Texas was. The province also hasn't had the economic rebound as Texas has had. Instead of relying on the oil industry, experts suggest Alberta should be looking at other corporate areas for economic growth such as advanced technology, agriculture and robotics.
Diversification is crucial for a healthy corporate climate. Whether its governments or entrepreneurs inking deals, an experienced Alberta lawyer may be able to answer questions regarding this complex and often confusing area of the law. It is wise to get legal counsel before, during and often after making corporate decisions that might affect day-to-day business operations.