New Numbers Backing Positive Economic Impacts
Tuesday, May 24, 2011 at 06:05PM As my readers know, I’ve been on the road for the past three years promoting an industry that I am passionate about because it benefits so many. A topic I am sure to highlight during my speaking tour is the positive economic impacts of the oil sands industry.
I’m pleased to tell you the Canadian Energy Research Institute (CERI) released a report on May 16, showing oil sands production ramping up from the current 1.7 million bpd to 2.1 million bpd by 2015, 4.8 million by 2030 and 4.9 million by 2035. What does this mean? More money, more jobs, more contribution to the GDP than even the large contributions previously forecast. All of this is great news.
CERI’s report has two main themes: the impact of oil sands development on Canadian provincial and national economies and the ripple effects on U.S. state and federal economies.
Over the next 25 years, $2.077 trillion will be invested in building and maintaining the oil sands. That includes $253 billion in initial capital for construction and $1.8 trillion for operation, maintenance and sustaining capital.
In terms of jobs, the oil sands currently support 75,000 jobs in Canada with this growing to over 900,000 in 2035. Do the math. That’s 825,000 more jobs (both directly and indirectly related to oil sands); 825,000 people with work, and there is nothing that gives an individual more dignity and self-respect than a job.
It may also surprise you that our friends to the south actually receive the second largest economic impact from Alberta’s oil sands after the province itself. In the United States, new jobs are expected to leap from 21,000 in 2010 to 465,000 by 2035.
Over this 25-year period, the total GDP impact as a result of new oil sands projects is estimated to be $2.1 trillion for Canada, and $521 billion for the U.S.
These are remarkable numbers. This is why I am proud to be a part of Canada’s dynamic oil sands industry; an industry that’s delivering large-scale economic growth while providing reliable, affordable energy to North American businesses and families alike. I know that our industry will continue to play a major role in providing economic stability through responsible development of Canada’s greatest resource.
If you have any comments, please be sure to leave them for me. And, if you want to see the full CERI report (a long but informative read), you can do so here.
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