Stop production and turn off the taps, then.
Keep your money in Alberta.
We'll put the oil subsidies into renewables, which will immediately be more profitable than fossils.
There's a misconception here that the subsidies given to oil/natural gas are money that could simply spent elsewhere. That just isn't true.
The subsidies given to oil and gas in Canada are overwhelmingly in the form of reduced royalties. Which means that if you "turn off the taps", you don't have $4 billion to spend elsewhere, it means that you have $0 to spend elsewhere.
I know that's going to be a confusing concept for some of you, so let's do a Sesame Street type thought experiment to explain how this works:
Jenny and Joey, the neighborhood kids, come to you and say they want to set up a lemonade stand on your driveway. You agree on the condition that they have to pay you a 25 cent royalty on every cup of lemonade they sell. At the end of they day, they have sold 10 cups of lemonade, and they pay you $2.50. They're very disappointed, because they expected to sell more lemonade. People told them that 75 cents per cup was too expensive, because other lemonade stands are selling for 50 cents per cup. Jenny and Joey want to cut their price to 50 cents per cup to compete with the other lemonade stands, but at 50 cents per cup they make much less profit, and the 25 cent royalty on each cup eats up most of their profit. They propose a new deal: they will pay you a royalty of 15 cents per cup.
Day two is much more successful for Jenny and Joey. They sell 40 cups of lemonade! They're pretty happy. As for you, your royalty revenue has increased from $2.50 to $6.00. But you've been eyeing some LED solar garden lights, and more royalties would help pay for them. Remembering that you charged 25 cents per cup yesterday, and only 15 cents per cup today, you realize that your royalties on 40 cups could have been $10.00 rather than $6.00. By your calculations, you estimate that you've subsidized Jenny and Joey $4.00 for today's lemonade sales. "That's $4 I could have spent on solar garden lights," you think to yourself.
So on day 3, you tell Jenny and Joey that the reduced royalty rate is over, they have to pay you 25 cents for each cup that they sell from your driveway. They decide to "turn off the tap"... they decide to go home and do something else instead of selling lemonade. So rather than $10 in royalties, or $6.00 in royalties, or even $2.50 in royalties, you make no royalties at all on lemonade sales. That $4 you subsidized Joey and Jenny didn't turn into money that you could spend. So while in a sense you're giving Jenny and Joey a break by reducing their royalties, the money isn't something you get to keep if Joey and Jenny stop selling lemonade from your driveway.
-k