A strong energy sector is necessary to ensure our nation’s prosperity for the future. But without access to emerging markets, a streamlined regulatory system and a competitive tax structure, Canada risks losing capital investment, jobs and economic benefits for Canadians.
Canada is falling behind. Competition for capital investment in the global market is fierce and if Canada wants its industry to be a major player internationally, a number of factors need to be considered. Rising government costs, the burden of inefficient regulations, and the lack of infrastructure to move Canadian energy to growing markets are all undermining investor confidence in Canada and negatively affecting the country’s ability to attract the capital needed to create jobs and national prosperity.
ECONOMIC IMPACT OF CANADA'S OIL AND NATURAL GAS INDUSTRY
$10 Billion Other (Includes New Brunswick, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island and Yukon)
Source: CERI 2017 - GDP Impact*
*The economic impact to provinces, with the exception of Alberta, from 2017 to 2027.
Total capital spending is forecast to be $41 billion in 2018 – a 49 per cent decrease compared to $81 billion in 2014. Meanwhile, capital spending in the United States increased by about 38 per cent to $120 billion thanks to a more streamlined regulatory system. Capital investment in our energy sector generates development activity, which in turn spurs job creation and economic growth across Canada for all levels of government – including about $19 billion in revenues in 2015 and 528,000 jobs across the nation in 2017.
Capital Investment in Canada's Oil and Natural Gas Industry
Source: Statistics Canada 2019
Canada’s oil and natural gas industry is active in 12 of Canada's 13 provinces and territories. Find out more about activity in each province.
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