• Canadian families, businesses and governments benefit immensely when more of our oil and gas is exported to energy-hungry buyers abroad --- as long as the world needs oil & gas, shouldn't it be Canadian?
• Global oil demand is projected to grow by up to 2.11 million barrels per day in 2024, to a new record high [1]
• Global liquefied natural gas (LNG) demand is projected to grow by up to 70% by 2040, to a new record high [2]
• Poland, Germany, Japan, and many other countries have said they want or are interested in buying Canadian energy to replace less reliable supply sources abroad. [3][4][5]
• Energy development is a once-in-a-generation opportunity for economic reconciliation with First Nations looking to generate own-source revenues and improve socio-economic conditions within their communities. [6]
• Canadian oil & natural gas is projected to generate $1.1 trillion in government revenues from 2000 to 2032,[8][9] funds used to pay for our social programs and infrastructure, which contribute immensely to our quality of life and overall well-being.
• Canadian oil & natural gas accounted for $217 billion, or 30%, of Canada's total merchandise exports in 2022 [14]
• Natural resources in general account for 45% of Canada's manufacturing output [15]
• As the world approaches 9 billion people and energy demand grows rapidly by 2050 [7], all forms – oil, natural gas, wind, hydro, solar, hydrogen, geothermal, nuclear, etc. – will be needed to maintain adequate supply. We need to support all forms of energy to balance energy security and affordability.
• The Bank of Canada has issued a stark “emergency” warning about our country’s weak labour productivity and low levels of business investment. [10]
• The National Bank of Canada suggests that attracting private capital investment (such as that from energy resource development) could help solve our country’s economic woes. [11] Isn’t it time to turn things around by utilizing our incredible wealth of energy, mining, forestry, and agriculture resources?
• Since 2015, Canada has seen nearly $670 billion in suspended or cancelled natural resource projects. [12] With an affordability crisis affecting the bottom line of families, it is clear that Canadians cannot afford to miss job-creating resource development.
• Canada would have a significant trade deficit of more than $1 trillion if it weren't for its conventional oil and natural gas sector. Canadian energy exports form the bedrock of our nation's wealth, helping to "pay the bills" for our imports [16]
• Global demand for food, wood, energy, minerals and metals is growing as the world's population is expected to grow from 8 billion to 10 billion by 2050. Canada vast natural resource wealth and reliable supply chains makes us an ideal supplier for all of the above, which would benefit our families and economy.
• Canada is one of the few major democratic producers of oil, natural gas, minerals, metals, wood and food globally. With growing concerns about resource security, our country is well-positioned to provide our trade partners with the resources they need.
• Supporting Canada's job-creating, prosperity-generating natural resource sectors with productive policies that induce new business investment could help turn our faltering economy around and return us to the high standard of living we are used to.
1 – Reuters - OPEC cuts oil demand growth forecast, highlight dilemma over Oct hike (Date Accessed: August 2024). Retrieved from https://www.reuters.com/business/energy/opec-cuts-2024-oil-demand-growth-forecast-citing-china-2024-08-12/
2 – Shell – Shell LNG Outlook 2024 (Date Accessed: June 2024). Retrieved from: https://www.shell.com/what-we-do/oil-and-natural-gas/liquefied-natural-gas-lng/lng-outlook-2024.html
3 – Canadian Gas Association. (Year Published). An Interview with Poland's New Ambassador to Canada, Witold Dzielski. [Web page]. Retrieved from https://www.cga.ca/energy-magazine-post/an-interview-with-polands-new-ambassador-to-canada-witold-dzielski/. Date Accessed: August 2023.
4 – BIV. (2023 February). Korea, Japan want Canadian LNG, but can Canada deliver. [Web page]. Retrieved from https://biv.com/article/2023/02/korea-japan-want-canadian-lng-can-canada-deliver. Date Accessed: August 2023.
5 – Reuters. (2022 August). Winter is coming: Germany's Scholz leaves Canada with no promises on LNG. [Web page]. Retrieved from https://www.reuters.com/business/energy/winter-is-coming-germanys-scholz-leaves-canada-with-no-promises-lng-2022-08-25/. Date Accessed: August 2023.
6 - Indigenous LNG. (2023). [Web page]. Retrieved from http://indigenouslng.ca/. Date Accessed: August 2023.
7 - S&P Global. (2021). Global energy demand to grow 47% by 2050, with oil still top source: U.S. EIA. [Web page]. Retrieved from https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/100621-global-energy-demand-to-grow-47-by-2050-with-oil-still-top-source-us-eia. Date Accessed: August 2023.
8 - Canadian Energy Centre. (2023 March). $755 billion: The energy sector's revenue contribution to Canadian governments 2000-2021. [Web page]. Retrieved from https://www.canadianenergycentre.ca/755-billion-the-energy-sectors-revenue-contribution-to-canadian-governments-2000-2021/. Date Accessed: August 2023.
9 - Canadian Energy Centre. (2023 January). $495 billion in government revenues from the Canadian oil and gas industry projected over next decade. [Web page]. Retrieved from https://www.canadianenergycentre.ca/495-billion-in-government-revenues-from-the-canadian-oil-and-gas-industry-projected-over-next-decade/. Date Accessed: August 2023.
10 – The Globe and Mail – Bank of Canada warns of low productivity ‘emergency,’ making it harder to control inflation (Date Accessed: June 2024). Retrieved from: https://www.theglobeandmail.com/business/article-bank-of-canada-warns-of-low-productivity-emergency-making-it-harder-to/
11 – National Bank of Canada Financial Markets – Attract private investment: Canada’s only way out (Date Accessed: June 2024). Retrieved from: https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/etude-speciale/special-report_240311.pdf
12 – The Hub – DeepDive: Canada’s natural resources are a long-neglected ‘golden goose.’ It’s time to change that (Date Accessed: June 2024). Retrieved from: https://thehub.ca/2024/05/13/deepdive-canadas-natural-resources-are-a-long-neglected-golden-goose/
13 - Macdonald-Laurier Institute - Unleashing Canada's Energy and Natural Resource Potential (Date Accessed: June 2024). Retrieved from: https://macdonaldlaurier.ca/canada-resource-bounty-release/
14 - Natural Resources Canada - Energy Factbook 2023-2024 (Date Accessed: June 2024). Retrieved from: https://energy-information.canada.ca/sites/default/files/2023-10/energy-factbook-2023-2024.pdf
15 - Macdonald-Laurier Institute - Canada's Resource Sector, Protecting the Golden Goose (Date Accessed: August 2024). Retrieved from: https://macdonaldlaurier.ca/wp-content/uploads/2024/04/20240402_Canada-Golden-Goose-CrossMintz_PAPER-v9-FINAL.pdf
16 - Canadian Chamber of Commerce - Economic Impact Study - Canada's Conventional Oil and Natural Gas Sector (Date Accessed: June 2024). Retrieved from: https://bdl-lde.ca/wp-content/uploads/2024/03/CAPP_EconomicAnalysis_March2024.pdf
