Oil and natural gas “pay the bills” in Canada. This critically important industry helps hundreds of thousands of Canadians put food on the table for themselves and their loved ones while supporting government revenues to the tune of tens of billions of dollars every year.
Canada’s trade balances are also significantly propped up by oil exports. In short, our vast wealth of oil accounts for the lion’s share of our exports and helps us pay for a wide range of imported goods.
Canada's Oil Industry...
- provides Canadian families with enormous economic opportunities
- generates substantial revenues for Canadian governments
- is a major innovator for new technologies
Canada is home to the world’s fourth-largest proven recoverable oil reserves and is a global top-five producer and exporter. It is one of the most transparent and regulated global producers; Canadians should be proud!
As long as the world needs oil – and it will for decades to come, according to the latest projections – Canadian producers should be the “last ones out of the pool.”
Sadly, the conversation around oil in Canada has been acutely out of balance for a decade or longer. This should not be an “either, or” conversation, but one that includes all forms of energy.
Thankfully, with your help over the years, Canada Action and its supporters have been able to turn the tide in public discourse and restore more balanced, factual, honest and non-partisan discussions about our country’s most important energy resource. Also see:
Oil in Canada: Quick Facts
- Canada is the third-largest exporter and fourth-largest producer of oil and is home to the fourth-largest proven reserves with 10% of global supply
- The oil and gas sector generated $578.7 billion in revenues for Canadian governments between 2000 and 2021 (CEC)
- Another $594 billion is projected for Canadian governments between 2023 and 2032 from the sector
- In other words, that is more than $1.1 trillion between 2000 and 2032 for Canadian governments, used to pay for schools, roads, hospitals, infrastructure, public jobs, etc.
- In 2021, the petroleum sector accounted for 442,100 direct and indirect jobs across the country
- In 2021, the petroleum sector accounted for 7.2% of Canada’s economy (GDP), or $168.2 billion
Sources: Canadian Energy Centre, Natural Resources Canada - Energy Factbook 2022-2023, Viewpoint Research
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Oil in Canada is an integral part of our economy and supports hundreds of thousands of families across our nation. With growing global demand for decades to come, it is only logical that we continue to support its growth over the long term and the Canadians who rely on this industry to provide for their families.
Canadians should recognize that we do not have to pick and choose between supporting oil and renewables. We can do both, to support the high standard of living and quality of life most of us already enjoy.
Canada’s world-class record on transparency and human rights means that we should be one of the last producers “out of the pool” when demand reaches zero at some point in the distant future. Are you with us?!
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