Issue
Canada has an abundance of natural resources that generate direct wealth for Canadians through production and export. Increasingly, these commodities represent a large contribution to Canada’s economic growth; however, Canada still spends $20 billion or more on oil imports annually. Access to markets for commodities, specifically oil and gas, represents a significant obstacle in Canada’s ability to secure a competitive position in the global economy. Further, failure to develop these projects leads to negative impacts on Canadian businesses and ultimately their families.
Background
The Canadian oil and gas industry employs 399,000 workers across the country. In January 2022, approximately 146,000, or 6.3% of workers in Alberta, were directly or indirectly employed in the forestry, fishing, mining, quarrying, and oil and gas extraction sector.This production generated an average of $209 billion between 2018-2020, which in turn funded many public services. This highlights the importance of the oil and gas industry for the wellbeing of Canadians. For every 1 job created in the oil sands, 1 indirect and 1.5 induced jobs are created throughout Canada.The significant drop on oil prices beginning in 2013 has left Canada in a vulnerable position.
Recommendations
That the Government of Canada:
- 1. Prioritize supplying all Canadians with a secure and stable source of Canada’s natural resources; and,
- Support projects which ensure market access, whether national or international, for Canada’s natural resource.
