The Canadian oil sands is now the biggest driver of Canada’s economy
The 21st century will belong to Canada – largely because we are fast becoming a global energy superpower based on the Canadian oil sands.
Did you know that the Canadian oil sands are widely recognized as the world’s third-largest oil reserve behind only Venezuela and Saudi Arabia.
When Prime Minister Wilfrid Laurier famously told Canadians 100 years ago that “the 20th century will belong to Canada,” the PM might have been a bit optimistic. But the 21st century looks promising.
Global demand for energy is expected to grow 35 per cent over the next 25 years. Canada will play a huge role in providing the world with secure, safe and reliable energy..
The Canadian energy industry invests just over $60 billion a year, ensuring economic benefits will continue to grow. Every dollar invested in the Canadian oil sands creates about $8 in economic activity over 25 years, with much of that economic value felt in communities across Canada.
With close to 100 active oil sands projects in Alberta, producing 1.8 million barrels of oil per day, and reserves of 169 billion barrels, the Canadian oil sands are capable of keeping the country supplied and contributing to meeting global demand for the next 100 years at current rates.
Canadian oil sands creates benefits for manufacturing sector
The Canadian oil sands value chain extends from coast to coast. Canada’s manufacturing sector has a huge role to play in its future.
Every day on Alberta Highway 63, heavy trucks carry the goods and materials used to construct and operate the Canadian oil sands. Many of the components – tires, trucks, gauges, valves, pumps, etc. – are manufactured in Canada’s industrial heartland.
Over the next 25 years, the Canadian oil sands will add $63 billion to the Ontario economy, $28 billion to British Columbia and $14 billion to Quebec.
Behind those numbers are businesses that create jobs and pay taxes. Businesses that once served the auto industry or mining or forestry are now diversifying, which stabilizes local economies.
When the 2008 global economic crisis struck, Canada weathered the storm strongly and proudly with critical help from the investment pouring into the oil sands.
B.C. residents, tell us what you think of the Canadian oil sands by filling out this brief survey. $2 will be donated to breast cancer research for every completed survey.
1,000s of jobs created across Canada
The Canadian oil sands are attracting thousands of workers from across the country searching for the type of stable, well-paying jobs not seen in this country since the glory days of the automobile industry in the 1960s.
Oil sands projects currently affect the jobs of 75,000 people across Canada – a number expected to grow to over 905,000 jobs by 2035, according to CERI.
Canadian workers have a reputation for high skill levels, hard work, tenacity and ingenuity – all attributes that are high prized in the Canadian oil sands. Young men and women will be able to complete their profession or trade, then earn an income that will enable them to support their families and their communities.
Employment Fast Facts:
- For every job created in Alberta, two are created in other provinces
- By 2035, 905,000 Canadians will be employed (direct, indirect, induced) by the Canadian oil sands
- Those employees will earn $1.4 billion a year
Taxes and royalties from the Canadian oil sands
The Canadian oil and natural gas industry, through taxes and royalties, paid $21 billion to governments across Canada in 2011. It makes up 20 per cent of the Toronto Stock Exchange. If you have an RRSP you’re already heavily invested in Canada’s oil sands.
But for Canada’s cash-strapped governments, which are struggling to provide health care, education and other vital services, the news gets even better. Between 2010 and 2035 taxes generated by the Canadian oil sands alone will exceed $1 trillion.
Tax Fast Facts:
- Ontario – $9.3 billion
- British Columbia – $3.1 billion
- Quebec – $2.7 billion
The Canadian oil sands – economic strength in an uncertain world
Fifty or 100 years from now, the global economy will likely be driven by renewable fuels. During the transition to a carbon-free future the world needs Canadian energy.
The Canadian oil sands offer opportunity – for good paying, stable jobs, for business growth and diversification, and to fund public services such as health care and schools for our children.
In a world of uncertainty, Canada’s oil sands are moving Canada and the world into a secure energy future. A world where Canada has a major role to play
The 21st century belongs to Canada because of the Canadian oil sands – a made in Canada solution.