Who says price isn't a rationing mechanism? Rather than sink billions into long-term oil sands projects, Alberta energy companies are increasingly chasing the Clearwater formation, a conventional heavy oil field that allows producers to capitalize on rising crude prices far more quickly, according to Bloomberg. The surge in activity has been significant. Alberta approved 1,764 drilling licenses between Jan. 1 and June 12, the busiest start to a year since 2014. Roughly one-fifth of those permits were for Clearwater wells, marking the highest proportion…