As Canadians, we are well aware of the importance of Oil and Gas to our national economy as well as the positive and negative effects of the recent drop in prices. Even though the industry is front page material on most days, there's some points that aren't widely discussed.
Here's a 5 facts you probably don't know.
1. Important but not king
Although Canada is heavily dependent on Oil and Gas, it only comes third in terms of contribution to national GDP. In a recent report, Real Estate Leasing (12.5%) and Manufacturing (10.5%) both contribute more to Canada’s GDP than Oil and Gas (8.5%). Construction, Finance, and Health Care assistance all come in close at about 7% each.
2. 10 times more oil
Canadian crude oil exports to the UStopped 3 million barrels per day for the first time in 2014. By contrast, in the late 1970’s, Canada exported around 275,000 to the US.
3. Big reserves but going fast
Canada has approximately 178 years of oil reserves at 2012 production of 2.7 million barrels per day. By 2030, Oil production is expected to reach 6.44 million barrels per day – essentially halving the number of years of proven reserves.
4. $14 Billion
The amount Ottawa and the provinces will lose in 2015 due to falling oil prices. In 2013, the government of Canada had revenue of $276 billion. If the country was a corporation, revenue would drop roughly 5% (ceteris paribus)
5. Male industry
Nearly 70% of those employed in the natural resources industry are male. By comparison, nearly 6 times as many women work in Health Care and Social Assistance. Across all Canada industries, men edge out women 52% to 48%