In a recent CBC story about the oil and gas industry and on Alberta Premier Jason Kenney’s claims about the same, the reporter alleged that the premier’s claims were ‘cherry-picked, misleading or wrong.’
No matter how you slice it, Canada’s oil and natural gas sector has been one of the nation’s most significant contributors to jobs, GDP and tax revenues over the decades.
The oil and gas extraction sector in Alberta has made a significant contribution to Canada’s GDP, output and jobs over the past decade. The broader energy sector has also made a significant contribution to federal and provincial government revenues directly in the form of corporate income taxes and royalties (as noted in previous CEC research.)¹
The broad oil and gas sector¹ has been and continues to be a significant contributor to Canada’s economy. Compared to the narrower direct oil and gas extraction sector, which comprised about 2.2 per cent of GDP in 2016, the broad oil and gas sector includes both the direct and indirect impacts of oil and gas extraction and oil and gas investment on the economy. Even with the energy price decrease as of 2016, the broad energy sector’s contribution (direct and indirect) amounted to 5.4 per cent to Canada’s total GDP.
When forecasting future oil consumption around the world, many people have opinions and agendas, but forecasts rooted in facts and technological capabilities are rarer.
Le Canada est une super-puissance pétrolière qui en a importé pour près de 500 milliards $ depuis 31 ans
Il est probable que la plupart des citoyens ne savent pas d’où provient le pétrole qu’ils utilisent quotidiennement. Nous avons examiné les données de Statistique Canada pour en savoir plus. Une première découverte : le Canada a importé pour 477 milliards $ de pétrole étranger sur une période de 31 ans, entre 1988 et 2019, soit 587 milliards $ de 2020. Étonnant, tout de même, pour un pays possédant les troisièmes réserves mondiales.
Canada’s seaports are key to moving goods and people via logistical supply chains extending to seaports in more than 170 countries and territories throughout the world. They are critical hubs in the nation’s economy, bringing Canada’s goods, including oil, natural gas and fuels, to key markets in the United States, China, Japan, and South Korea, among other countries.
Canadian Energy Centre director of research Mark Milke was on the Danielle Smith show to discuss Canada’s ongoing use of foreign oil imports, despite boasting the third largest oil reserves on the planet.
Commentary: Canada is an energy superpower — which imports nearly half a trillion dollars in foreign oil
Canada is one of the world’s top oil producers with the third-largest proven reserve on the planet. Despite that, Canadians may find it surprising that the country imported nearly 241 million barrels of oil in 2019, with a value of nearly $19 billion.
Despite Canada’s position as one of the world’s top oil producers, with the third-largest oil reserves, crude oil imports into Canada have become a significant part of the country’s energy mix, particularly since 2000.