The companies are finding it more lucrative to invest in oil development rather than in natural gas. Oil's growing power of Alberta's economy has possibly resulted from the fact that the prices of natural gas are going down. Though, the natural gas will not disappear for sure.

Last year, when Edmonton posted a multi-billion-dollar deficit, natural gas faced a huge setback. But drilling levels are also facing decline for more than a year. The natural gas reservoirs of Alberta have not remained productive any more.

Expectations are still high despite the fact that there was a drop in natural gas prices, which fell below $5 U. S. on Monday, driving down the value of EnCana Corp. and other Canadian natural gas producers.

Hence, economic growth will suffer due to slow natural gas production in short term, whereas in the long run oil's dominance is expected.

"Unfortunately, low natural gas prices mean that drilling will remain weak for another year, and declining natural gas production will partially offset increased crude oil production", said a Conference Board report.