• 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]
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
