Why Oil + Gas Matters

Economic contribution  

The petroleum industry works hard for Canadians. It provides the fuel that keeps everyone moving on land, on sea and in the air. It provides warmth in the winter and cooling in the summer. It provides the medical, safety, sports, entertainment, household and personal products used every day.
 
The industry also provides enormous benefits for the Canadian economy, by paying royalties, fees and taxes, and by directly and indirectly employing over 660,000 Canadians every year, 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 producer of natural gas and has the third largest proven oil reserve.

  • In 2014, natural gas provided $13.3 billion in export revenue to producers.

  • Accounts for more than 174,000 direct and 486,000 indirect jobs across Canada. Check out our latest labour market information to see where the greatest demand is.

  • Canada’s crude oil and gas industry is the largest private sector investor in the country, investing $36 billion in 2016, down from a peak of $81 billion in 2014.

  • On average, from 2013 to 2015, the petroleum industry contributed $15 billion to government revenues in the form of royalty payments, land payments (bonus payments) and corporate and municipal taxes.

  • Canada produces 25% of North America's crude oil and natural gas but only consumes 12%. Most of the 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.