It’s hard to fathom just how much a lost investment of $196 billion is. But thanks to a newly released policy brief by Canadian think tank SecondStreet.org, it’s much easier to put that figure into context.
Unfortunately the circumstances under which the report uses comparisons to help us grasp just how much $196 billion is is alarming to say the least. Alarming for all Canadians that is.
After scanning government websites, industry reports and media stories, SecondStreet.org calculated that Canada’s oil and gas and mining sectors lost about $196 billion in investment between March 2014 and March 2019.
That’s in addition to tens of billions in foregone tax revenues and the loss of tens of thousands of jobs across the country.
Did you know that 4 of Ontario’s oil refineries make up about 20 per cent of Canada’s total refining capacity, and that about 80 per cent of their feedstock comes from the west part of the country?
When it comes to refinery output and the economy, the larger the numbers, the better the economic contribution typically is. Twenty per cent of a nation’s total refining capacity is no joke.
So, the question remains: How much do Ontario’s refineries contribute to the provincial economy?
To give you an idea, we should probably identify what refineries are in Ontario in the first place, along with their type and output per day. Five refineries currently exist in Ontario, all located in the southwestern part of the province. They include:Read more
Bill C-48 (west coast oil tanker moratorium) and Bill C-69 (change of review process for natural resource and infrastructure projects) have proven to be two of the most controversial bills to be introduced in parliament in recent years.
Both bills have been widely scrutinized by industry leaders and business gurus across the country, with it being said that they together will be the bane of Canada’s oil and gas industry while making it impossible for new resource development projects to get built across the country.Read more
Victoria Mayor Lisa Helps took a tour of steam-assisted gravity drainage facilities at Cenovus's Foster Creek operation near Cold Lake on Friday, April 26th, 2019.
It seems that the tour helped Helps gain a broader and more in-depth perspective on the oil sands, and how dedicated the industry is to protecting the environment and reducing its overall carbon footprint.
“I wasn’t going to have my mind changed or not, but I was going to certainly learn more about the industry and broaden my perspective,” says Helps.
“I think I saw the future of the oilsands. What I saw yesterday was a lot of innovation and I think if that continues that’s a good thing.
“They are making tremendous steps to make the industry more sustainable (like) using less fossil fuels to extract fossil fuels.”
From various news and media:
“What is possible as Victorians, Calgarians and as Canadians is to have these conversations where we really understand each others’ points of view”— Canada Action (@CanadaAction) April 27, 2019
Thank you Mayor @lisahelps for joining us yesterday on a tour of the #Oilsands @JeffDavisonYYC @Ward4Ward1 #bcpoli #abpoli pic.twitter.com/nm0xLt1Y8W
What is Bill C-48? In short, it’s a piece of legislation that will absolutely destroy future opportunities for Canada's oil and gas industry to export oil by banning petroleum tanker traffic off the coast of British Columbia.
This ban extends from the northern tip of Vancouver Island to Alaska, shutting down any opportunities to export oil to international markets other than the United States (Canada's only customer, who buys >99% of our oil).
This bill means no to potential energy infrastructure projects like the Eagle Spirit Pipeline which is led by a large group of First Nations looking to benefit from the development of Canada's natural resources.
It also means no to thousands of families in Western Canada and across the nation that rely on oil and gas to make ends meet.
It’s a big no to increased tax revenues that help our governments pay for things like schools, hospitals, roads and everything in between.
A more formal, detailed version of what Bill C-48 is saying no to, straight from the Canadian Parliament’s website:Read more
Just how important is Canada’s natural resource sector to Canadians? Very, very important, to say the least, even for those who may not work in the sector directly (see more below). But don’t take our word for it…
Here’s some recently released statistics from the federal government that show exactly why Canada's natural resource sector is critical to the national economy and overall prosperity.
The answer is yes! All 20 First Nations along the Coastal GasLink pipeline route have signed benefit agreements with TransCanada. Furthermore, a majority of First Nations in northern British Columbia support both the Coastal GasLink and LNG Canada projects.
Most of the involved BC First Nations not only have experienced meaningful and bilateral consultations with Coastal GasLink, but see the project as a way out of widespread poverty within their communities. But don’t take our word for it.
Here’s several quotes from First Nations leaders, community members and representatives on their support for Coastal GasLink and LNG Canada. Also see:
- 3 Reasons why Canada Needs BC LNG
- 3 Reasons Why BC LNG Matters to First Nations
- First Nations Chiefs Show Support for Trans Mountain Expansion
Canada’s natural resources are one of the strengths of the Canadian economy. Accounting for 17% of the national gross domestic product (GDP) in 2017, they employ more than 2 million people directly and indirectly across the country.
Many natural resources, like oil, for example, are found in abundance in the great white north. As Canadians, when our natural resource industries prosper, so does our country!
With that in mind, here’s all the latest retweets by Canada Action on Twitter concerning our natural resource sectors during November of 2018. Use these as a learning tool to get up to speed on the current state of affairs of our natural resource industries.
Don’t forget to join us on Twitter, Facebook and Instagram for updates via your live social media feed today!Read more
Canada’s competitiveness on a global scale is becoming a bigger concern as the months go by for organizations, CEOs and industry leaders across the board.
Some people may say that these quotes are simply anecdotal and as a result shouldn’t be concerning. But given the multitude of executives and leaders in Canada all sounding the same alarm, that Canada is losing its competitiveness, what they are saying should matter to all Canadians.
These quotes aren’t an anomaly either. They’ve been consistent, coming from leaders doing business in all provinces and industries across Canada.
Here’s the latest 20+ quotes that should have everyone in Canada worried and be asking themselves: what needs to change?
The approval of the $40 billion liquefied natural gas project in Northern British Columbia is a huge win for the First Nations who find their communities along the associated up-and-coming pipelines and export terminal. This mega-project means jobs, careers, business opportunities and revenues for these Indigenous people and their communities for decades to come.
It also means lots of opportunities for all Canadians working in the oil and gas industry, especially in British Columbia and Alberta. At a time where oil pipelines have been suspended or cancelled all together, the BC LNG investment is a shining light in a rather dark outlook for Canada’s petroleum industry.
While this massive energy infrastructure project will benefit all Canadians, more specifically, here’s some hard facts showing a few important reasons why BC LNG matters to First Nations in BC.
- Also see: 3 Reasons Why Canada Needs BC LNG