The average carbon tax works out at less than  $1 per barrel, once the production-based offsets are factored in. The producers with lowest emissions even get a small net subsidy. In contrast, the market crash has taken more than $50 per barrel away. Building new pipelines will add somewhere in the range of $5-10 per barrel to producer netbacks. Those pipelines probably would not have been approved without the Notley or Trudeau climate measures.

Alberta is suffering a hangover after a binge powered by >$100 prices. Those days may never come back and, if so, future growth will have to more temperate.