Canada and Norway produce about the same amount of oil and gas. Through a combination of public ownership and taxes Norway captures about 85 percent of the net revenue from sales. As a result its 25 year old Sovereign Fund has $1.1 trillion in assets that has been used to make Norway one of the most prosperous and least unequal countries on earth. Canada’s oil and gas system is 100 percent privately owned. Alberta, the heartland of Canadian oil, and Canada only captures about 20 percent of the revenue from sales. As a result their Heritage Savings Fund, created 14 years before Norway’s, boasts just $17 billion in assets.
