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As almost everyone knows by now, Canada has some interesting challenges looming when it comes to transporting increasing oil production to markets both inside and outside of Canada. What many Canadians might not realize is how important oil exports are to Canada’s economy. Canada has the world’s third largest proven oil reserves, is the fifth largest exporter of crude oil, and is the fifth largest producer of crude oil in the world. And that’s only expected to grow: According to the Canadian Association of Petroleum Producers, production of oil from Alberta’s oil sands is expected to more than double by 2030, rising from the 2012 level of 3.2 million barrels of oil per day to 6.7 million barrels per day.
What would that mean for the Canadian economy? In 2011, CERI, the Canadian Energy Research Institute projects that investments and revenues from new oil sands projects would be approximately $2-billion over the period from 2010 to 2035, with a total GDP impact of $2.1-billion in Canada. Employment, both direct and indirect stemming from new oil sands investments is projected to grow from 75,000 jobs in 2010 to over 900,000 jobs by 2035. And CERI’s estimate is somewhat more conservative than CAPP’s, estimating oil production at only 5.4 million barrels per day by 2035….
- Pipeline – Oil and Economy or Environmental Disaster? (netnewsledger.com)
- Oil sands facts that will blow your mind (mining.com)
- Tar Secret #2: What percentage of Canada’s GDP comes from the tar sands? (vancouverobserver.com)
- Scraping the barrel (nzherald.co.nz)