After his re-election in 2004, he was appointed to Cabinet for the third time, as Minister of Infrastructure and Transportation, again an amalgamation of two ministries. He was given authority for the over $10 billion Capital Project list and approved the first leg of the Anthony Henday ring road in Edmonton which was the first “P3” project in Alberta. This project won national awards for Private/Public partnerships. In the spring of 2006, Dr. Oberg entered the Progressive Conservative leadership race. His platform included many policies that have since been successfully implemented. Although he did not win, he was immediately appointed Minister of Finance. As Minister of Finance he outsourced the Alberta Investment portfolio of close to $75 billion into a new corporation called Alberta Investment Management Corporation. AIMCO is responsible for investing these funds in the best possible fashion to earn money for the citizens of Alberta.
In March of 2008, Dr. Oberg made the decision to step down from politics, leaving Alberta with one of the biggest surpluses in its history. Dr. Oberg is an Honorary Chief of Treaty 7, an honor that was given him for his work in Aboriginal education. In July of 2010, Dr. Oberg was the primary consultant for a CIDA project in the Eastern Cape Province of South Africa, dealing with revenue generation for hospitals.
He currently sits on the board of directors of several public and private companies and is a volunteer board member of the Rosebud School of the Arts. He and his wife Evelyn reside in Kelowna British Columbia and have four adult children. He enjoys hunting, boating and home renovation projects.