Part 3 of the series on how Canada was unprepared for the drop in oil prices.
This month, Norway's oil revenue fund reached the point where every Norwegian is now a millionaire in Norwegian kroner. As an article in the Tyee shows, this is very different from what has happened with Alberta's oil revenue.
A Calgary Herald article revealed more problems with how the Temporary Foreign Worker Program (TFWP) is operating. Access to information requests revealed that many companies are being allowed to only pay temporary foreign workers minimum wage. This contradicts a requirement of the program that workers be paid at or near market rates.
The Fraser Institute is right to praise Norway's management of it's oil revenues.
Even though Norway's petroleum fund was created 20 years after the Alberta Heritage Savings Fund, it is 41 times the size. It has $664 billion in assets and is growing rapidly. In contrast, the Alberta Heritage Savings Fund has only $16 billion.