If our "needs are dwindling" then how come the consumption of oil has risen to a new all time high every single year for the last five years?  Facts don't seem to match that narrative.  The reality is shutting down production in a highly regulated, free, democratic society where the benefits of that production are spread all over society (creating the largest concentration of middle class people in Canada btw) ignores the fact that demand for oil is rising, and the "phased out" production from Canada will be replaced by more production from dictatorship/royalty/oligarchical countries that employ virtual slaves from third world countries and export massive geopolitical unrest around the world along with their energy exports.
Great policy.  I certainly support it.