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.
Total capital spending was $43 billion in 2017 – a 47 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 533,000 jobs across the nation in 2017.