The boom and eventual bust of resource-dependent regions has played out across the world many times over the last 50 years. As extractive industries go into decline due to resource exhaustion, competition from elsewhere or changing consumption of energy, demands are made for subsidies to revive the industry and maintain jobs. Concurrently, policy-makers, realizing that the decline of a resource extraction industry will cause social and economic hardship, begin the search for new industries to replace lost jobs and maintain economic development.