In the 1970s, the federal government instituted price controls on oil to keep prices low for domestic consumers and created the crown corporation Petro-Canada to ensure Canadian ownership of some of the country's energy industry, which at the time was heavily owned by Americans.
The oil-rich Canadian province announced a plan Sunday to force producers reduce output by 8.7%, or 325,000 barrels per day (bpd), effective January 1, 2019, until the excess crude in storage is drawn down.
Notley says the action is necessary to reverse the widening price differential that she says could cause further harm to Alberta's economy if not addressed immediately.
After that, the reduction will be lowered to 95,000 bpd through the rest of 2019.
Kenney said he's concerned that exemption level will still hurt small producers.
How much production would be affected if Saskatchewan did implement cuts in a similar manner to Alberta?
Oil prices also rose on continued expectation that OPEC on Thursday will cut production by up to 1.5 million barrels a day to support prices.
Notley said Prime Minister Justin Trudeau's government must do its part by rolling back proposed legislation that she says will make it much harder for energy megaprojects to be approved.
Notley says in the letter that there are two competing ideas for short-term relief - either let the market sort itself out, risking possible job losses and business closures, or intervene and temporarily restrict oil production. When Enbridge's Line 3 starts pumping at the end of next year, that, too, will increase demand and raise prices - although too late for the NDP's electoral strategy.
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. Some producers had already been slightly curtailing output in recent weeks because of painfully low prices, but there is a first-mover problem that goes into this thinking.
Not all companies are affected by the cuts.
It barely took Notley 10 minutes of her live-streamed news conference, which began at 6 p.m., to prove that even in this neoliberal era governments can act, and do so decisively. "This is an extreme case". She earlier stressed that now Alberta's resources are given away "for next to nothing", referring to the province's crude selling for around $15 a barrel. Those railcars won't come into effect at least until mid-2019. The reductions will erase some of the inventory overhang, allowing the cuts to be phased out. The change may dampen the long-term impact of a mandatory production curtailment in Alberta Sunday, and lessen the benefit of plans to ease the region's transport bottleneck.
It's worth noting that years of pipeline fights from environmental groups, local communities and First Nations are bearing some fruit. Industry groups and pundits scolded protestors, declaring that the oil would find its way to the market one way or another.
Facebook Struck Deals Over Data and Burnt Rivals, Say Lawmakers
Facebook did not immediately respond to a request for comment, but has disputed such allegations in the past. Facebook planned to make it as hard as possible for users to know that this was happening.
Michelle Obama Just Gave Meghan Markle Some Seriously Good Advice
In the pregnancy announcement Kensington Palace merely stated that the royal baby would be making an appearance in the spring. Attending the seasonal service is one of Prince Harry's Christmas traditions.
Microsoft is working on Foldable Windows tablet
It certainly was universally more liked than Internet Explorer, with Microsoft Edge even making its way to Android and iOS. It's unclear whether a new browser from Microsoft would stick with the Edge branding, or switch to something new entirely.