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Basic Economics of Canadian Oil

Basic Economics of Canadian Oil

With oil and gas being active in 12 out of 13 provinces, this national industry accounts for $110 billion per year and vital energy and other products for Canadians. This industry will contribute $4 trillion to the Canadian economy over the next 20 years.

“The oil and gas industry is Canada’s largest private sector investor, with oil sands alone injecting almost $23 billion into the economy in 2015. The oil sands industry and its suppliers contribute to government revenues through corporate taxes, personal income taxes, property taxes, royalties, land sales and other costs.”

“In Canada, the oil and natural gas industry currently directly and indirectly employs more than 440,000 Canadians and is a key element of our national economy. While the oil and gas industry has undergone significant job losses in 2016 due to the decline in oil prices, the Petroleum Labour Market Information (PetroLMI) Division of Enform expects rehiring will begin in 2017 as capital investment resumes and there is a need to fill positions left vacant by retiring baby boomers. By 2020, PetroLMI estimates the industry will require up to 55,300 new workers if oil prices increase to the US$60-$80/bbl range and historical retirements remain the same.”

Not only does the Canadian oil industry produce jobs and economic benefit for all of Canada. Our oil and gas industry is one of the most regulated, most environmentally conscious and regards human safety as priority not a check list item. Canada should be the standard for which all other countries manage their energy assets and safety programs.

Check out one of Canada’s junior energy companies on 80-20 connect: $QXP: Quattro Exploration & Production is a Calgary-based energy company focused on growth in Western Canada.

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Laura Garet

Laura is 8020 Connect’s Client Communications & Social Media Specialist. In 2014, She received her Bachelor of Communications in Information Design from Mount Royal University in Calgary, Alberta. After a couple brief positions in other marketing roles, Laura has found her home with 8020.

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