In the early 2010s, Tyler Pubben earned as much as $1,000 a day working in Alberta's oil industry. Fresh out of university, he was a sought-after geologist in a booming sector. Oil prices soared above $100 a barrel, leading to a rush of investment and hiring. Companies from around the world flocked to Alberta, creating a vibrant job market. Pubben recalls, "We were always desperate for people."

However, the oil boom eventually gave way to a significant downturn. Following a recession and a slow recovery, Alberta's standard of living has not returned to its previous heights. There is now speculation that the federal government, under Prime Minister Mark Carney, may approve a new oil pipeline to stimulate growth. Yet, experts warn that even such ambitious projects may not replicate the prosperity of the past.

Pubben, who now leads K.C. Waunch Petroleum Consultants Ltd., stated, "Even if we went back to absolutely insane growth in oil and gas demand, we’re not going to see the same growth in oil and gas hiring that we had before." Critics of the federal government often blame the current administration for the struggles faced by the oil sector. However, the International Energy Agency has indicated that the long-term outlook for oil demand is declining, suggesting that hopes for a return to the boom years may be unrealistic.

The sentiment is echoed in a popular bumper sticker that reads, "Please God, let there be another oil boom. I promise not to piss it all away next time." Pubben reflects on his past, noting that while he enjoyed a lavish lifestyle during the boom, he also managed to save a significant portion of his earnings.

The downturn began in late 2014 when global oil markets were flooded with supply, leading to a dramatic price drop. The rise of U.S. shale oil production transformed the energy landscape, allowing American companies to achieve production levels that took Canada decades to reach. As prices plummeted from over $100 to below $50 a barrel, Alberta's economy faced severe challenges.

Charles St-Arnaud, chief economist at Alberta Central, remarked, "I have a hard time seeing us going back to the early 2010s, as much as many Albertans might think that that should be the norm. It was an exception in the grand scheme of history." The industry has since shifted towards cost-cutting measures, resulting in mass layoffs and a significant reduction in jobs. Statistics Canada reported that Alberta's resource sector lost 54,000 jobs in the two years following the peak in July 2014.

Gary Fraser, who lost his job in January 2015, faced the harsh realities of the downturn. At 50, he struggled to find work and depleted much of his retirement savings. He described the experience as frightening, stating, "I never thought at that age I would actually be without work."

Despite the challenges, Alberta remains the wealthiest province in Canada. However, the purchasing power of its residents has declined since the boom, exacerbated by inflation. The unemployment rate in August was 8.4 percent, nearly double what it was during the peak of the oil boom. St-Arnaud noted that the economic downturn has affected not just oil and gas workers but the broader economy as well, leading to a decline in quality of life for many Albertans.