About the Petroleum Industry
The petroleum industry works hard for
Canadians. It provides the fuel that keeps us moving on land, on
sea and in the air. It keeps us warm in the winter and cool in the
summer. It gives us the medical, safety, sports, entertainment,
household and personal products we use every day.
The industry also provides enormous
benefits for the Canadian economy, by paying royalties, fees and
taxes, and by employing half a million Canadians who live, work,
pay taxes and support the businesses and services in communities
across the country.
Here are a few economic fast facts:
- Canada is the fifth largest energy
producer in the world.
- Canada's energy industry accounts for
about 7% of our country's gross domestic product (GDP), and more
than 30% of Alberta's GDP.
- In 2008, Canada's oil and gas
industry paid $26 billion to governments in the form of taxes,
royalties and other fees. This money is used to fund medical
services, schools, roads and other infrastructure
- Companies in the industry make up 25%
of the value of the Toronto Stock Exchange (TSX).
- Canada produces 25% of North
America's crude oil and natural gas but only consumes 12%. Most of
our production is sold to US markets. Crude oil and natural gas
account for 80% of Canada's trade surplus and almost 15% of total
- The oil and gas industry is the
largest single private sector investor in Canada. In 2007 - 2008,
the industry invested $50 billion in capital projects.
- The industry employs about 500,000
people directly and indirectly. And the more oil and gas activity
there is, the more opportunities there are for entrepreneurs to
start their own businesses, employing more people and further
strengthening our economy.
To find out more about how Canada's oil and gas industry
contributes to the economy visit these websites: