New Numbers Backing Positive Economic Impacts

As my readers know, Ive 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. Im
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. CERIs
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. Thats 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 Albertas 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 Canadas dynamic oil
sands industry; an industry thats 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 Canadas 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.