Canada has been arrogantly laughing at the U.S, I can't tell you how many times I have heard Canadians tell me "the U.S needs us because we have all the oil". Instead of us having a dynamic, diverse economy, we have a narrow resource economy that is getting crushed.
Part of the biggest reason centralized economic intervention doesn't work, the government is dictating winners and losers, so noone has the impetus to innovate. Why would they? They can just put a shovel in the ground and make millions rather than the hard work of creativity.
I don't know if you guys still have the massive reserves you once did, but Reagan amassed the largest oil reserve on earth because he didn't want to be beholden to any countries if war broke out with Russia, or, another Mid East Oil crisis. If so, I imagine you will be adding to these reserves.