In Canada our Oil and Gas industry accounts for approximately $80.7 billion in revenue with levels of employment in excess of 230,000 people.
The mid-term elections may have helped close the Chicago Carbon Exchange and stall the progress of foreign countries in the United Nations to increase tax fossil fuel in North America.
The mid-term elections may have helped close the Chicago Carbon Exchange and stall the progress of foreign countries in the United Nations to increase tax fossil fuel in North America.
The United States administration has begun to soften their rhetoric about our energy exports as other countries have invested in the extraction of our commodities.
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| Canada is the biggest supplier |
The American recovery has been very tepid in comparison to ours to-date. We have broken the historical gap in unemployment. The United States now has a higher unemployment rate than Canada. The latest figures show a spread of 1.5%.
EIA expects the price of West Texas Intermediate (WTI) crude oil to average about $83 per barrel this winter (October 1 to March 31), a $5.50-per-barrel increase over last winter and $3 per barrel more than in last month's Outlook. Projected WTI prices rise gradually to $87 per barrel by the fourth quarter of 2011 as U.S. and global economic conditions improve. EIA's forecast assumes U.S. gross domestic product (GDP) grows by 2.6 percent in 2010 and 2.2 percent in 2011, while world real GDP weighted by oil consumption grows by 3.9 percent and 3.3 percent, respectively. -U.S. Energy Information Administration
Canada’s oil production (including all liquids) was 3.35 million bbl/d in 2008, down 0.07 million bbl/d from 2007. Despite the drop last year, Canada’s oil production has steadily risen over the past decade, as new oil sands and offshore projects have come on-stream to replace aging, mature fields. Overall, EIA expects that oil sands production will increase even further in coming years and more than offset the decline in Canada’s conventional crude oil production: according to the July 2009 Short-Term Energy Outlook, EIA expects Canadian oil production to increase to 3.41 million bbl/d in 2009 and 3.48 million bbl/d in 2010. Canada consumed an estimated 2.32 million bbl/d of oil in 2008. The country sends over 99 percent of its oil exports to the U.S., and it is consistently the top source of U.S. oil imports.
How significant are these increases in Canada in helping us balance our books faster?
Canada's Newfoundland and Labrador offshore oil industry has made its contribution to global energy supply. The impact was immediately evident, with the provincial economy receiving a big boost after the industry created new jobs, generated more provincial revenues, allowed lesser out migrations and promoted greater consumer spending. - Mizzen Prospect Flemish Pass Basin, Canada
Canada is well positioned to provide the United States, Europe and Asia with the world's most Ethical Oil .Canadian must push for increased market in global free trade in order to balance our books and become less reliant on our closest neighbour for our economic health. We don't need to repeat the mistakes of the Federal Liberals during the 1990's. We will grow our economy with the benefit of a weak currency that allowed us to fall behind in productivity. What do you think?
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