Oil and gas are the source of a significant share of Alberta’s wealth, but are also the source of many of its fiscal problems. Opportunity Lost? Alberta Is Facing Short-and Long-Term Financial Challenges Despite Its Oil Wealth examines the challenges the province faces. For example, the discount on heavy Canadian crude oil prices has led to a drop in provincial royalty revenues, and the original vision of the Alberta Heritage Savings Trust Fund has been lost. And, despite the fact that Alberta’s economy is doing well, the province is facing a $4 billion budget deficit. This executive action argues that now is the time to rethink Alberta’s fiscal framework and introduce a more sustainable fiscal model.