So to what degree is this just Alberta having incredible natural resources, vs the Alberta regional govt being well run?
About 60-40.
Alberta is definitely not as well run as it once was, they could use a change in government (Ted Morton or Paul Hinman will be the next Premier). I do believe the oil played a major role though...although Saskatchewan has lots of oil as well that they refuse to tap (once it finally is, that province could hit a boom cycle as well)