2014/2015- WTI/WCS price crash due in large part to US shale boom.

2018/2019 - WCS price crash due to local oversupply (insufficient pipeline capacity), leading to curtailment.

Oil Prices (used to) matter a lot to Alberta... https://twitter.com/benkerteisen/status/1334519289156669441

A big danger here is we try to race further to the bottom on tax rates. Low METR is only part of the calculation on firm's investment/location decisions.

The others?

Well, for oil it tends to be "where is the oil"?

but...
https://twitter.com/benkerteisen/status/1334519894319181828?s=20

I think the quality of public spending (services, infrastructure, education, etc., etc, etc) all matter a lot.

"Ask not how a low METR will help your ROR, ask how your taxes can improve your ROR by become part of the G in C+I+G."

(I know it's not catchy, but I'm working on it.)

We (economists) don't have a good handle on how public spending improves private returns, because we can't track it through supply-use tables etc..

By definition, there isn't a "market" for the goods provided by public spending.

Hard to value it, easy to put a cost on it.