The Alberta Energy Regulator is broken. The province\u2019s chief protector of the public interest is the bosom buddy of the oil and gas industry – hopelessly captured and arguably corrupt. Evidence gathered from dozens of interviews leaves no doubt on that count. Worse yet, the AER, just like its predecessors stretching back to the 1950s, was designed from the beginning to put industry\u2019s interest before the public interest. If we\u2019re being honest, Alberta likes it this way and always has because of the incredible wealth extracted from its hydrocarbon bounty. But the global energy transition has reached an inflection point and the Alberta status quo may not be viable much longer. What then?<\/span><\/p>\n The bill for environmental liabilities kicked down the road for decades – orphan, abandoned, and inactive wells, massive oil sands tailings ponds, pipelines and infrastructure –\u00a0 is nearing $300 billion. The bargain between producers and governments has always been that those liabilities would be paid for with future income. But the energy transition is about to expose that deal as a loser for Alberta taxpayers. The International Energy Agency forecasts peak oil demand in 2030, just seven years away. What happens when more oil is produced than markets buy? Will prices collapse as they did in late 2014? Are Alberta producers competitive at much lower prices?\u00a0<\/span><\/p>\n