One of the things I'd really like the government to consider, if they move forward with the kind of report contemplated by this legislation, is the impact of the Inflation Reduction Act, which was passed by the American Congress over the summer. I can't stress enough for this committee how significant that legislation is for not just the American economy but also the Canadian economy.
It is what policy wonks would call “industrial policy”. It is designed to have the American government put their money where their mouth is when it comes to pivoting towards a changing economy, but it also creates all sorts of opportunities for Canada. Our economies are closely integrated. They're our biggest trading partner. Where they go, frankly, we have to consider going as well, or we get left behind. Whether it's rural Albertans, rural people from Saskatchewan, municipalities, or Alberta industry, we ignore the IRA at our own peril.
In the report with our blueprint for the economy in Alberta that we released last week, we pointed to the example of Peter Lougheed, probably our most respected former Alberta premier. I reminded people that back in the seventies, we were at a similar crossroads. We were running out of conventional oil and gas, and he understood that we had to find something else.