From the card tables at seniors’ centres to the boardroom tables of Canada’s largest companies – almost everyone is talking about pipelines and the future of oil and gas in this country. In these debates, the economic benefits from the industry are sometimes forgotten. Here are some factoids to keep handy for future conversations.
Today’s SnapChart illustrates the pillars of the Canadian economy. The oil patch accounts for nine percent of the Gross Domestic Product (GDP); almost five times more than utilities and a similar level to the manufacturing industry (of which steel and aluminum are a subset, making up less than one-tenth).
If the Canadian oil and gas sector was a province, it would be the fifth largest economy ahead of Saskatchewan. The oil and gas sector’s economic contribution is almost equal to that of Saskatchewan, Manitoba and Nova Scotia combinedi
In the future, Canada’s oil and gas industry could contribute more to the economy; by growing production from emerging light tight oil and shale gas plays, from shipping liquefied natural gas to Asia as a substitute for using higher carbon coal for power generation and heating, and from growing oil sands production within the existing cap on carbon emissions.
i Provincial ranking based on 2016 Statistics Canada data.