[maxglute]

Norway extracts 1/2 oil as Canada but has 1/8 the population. Canada too big to be petro state. Canada has lots of other resource endowments, but not enough to sustain norway tier of per capita sovereign fund returns even if it massively increased extraction game. Only hope for Canada is US being really friendly, or even more friendly and force Canada to retool internal trade / reduce braindrain and build and capture more value in commodities and other sectors.

[lbrito]

Norway's oil is also sweet and light, whereas Canadian oil is sour and heavy. The former is more valuable than the latter, from what I gather.

[maxglute]

~30% price difference, but the main point is Canada cannot pump enough to make up per capita difference even if equivalent. Canada has too much people and too few petro endowments to be a petro state, wood/minerals/agri simply doesn't pay as well as energy