January 5, 2009
Canadian consults Norway on oil wealth
The provincial minister of finance for the Canadian province of Alberta is seeking advice from Norway on handling billions of dollars in oil revenue.
Iris Evans leaves Edmonton this week to see how Oslo has managed to amass $300 billion in a rainy-day fund since the 1990s from oil profits. Alberta has been saving since the 1970s but has only about $15 billion in its fund, the Edmonton Journal reported.
Evans' mission drew praise from Scott Hennig, Alberta director of the Canadian Taxpayers Federation.
I'm glad she's looking at Norway for tips on savings because they've been doing it right while we've been doing it horribly wrong, Hennig said.
Evans is also scheduled to do some energy policy fact-finding in the Netherlands and Ireland before returning home, her office said.