About the Industry
Economic Contributions
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 6% of our country's gross domestic product (GDP) and more than 25% of Alberta's GDP.
- In 2007, the petroleum industry paid $24 billion to governments, for royalties, land leases, fees and taxes. This money used to fund medical services, schools, roads and other infrastructure projects.
- 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 exports.
- • The upstream sector 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.
