The carbon tax will increase costs in the petroleum manufacturing sector by 25 per cent.
Global oil demand is expected to be around 90.8 million barrels a day in 2020.
Canada’s energy sector employed (directly and indirectly) and supported more than 830,000 jobs.
Capital investment in Canada’s oil and gas sector declined by an estimated 44 per cent from 2014 to 2017.
One of the more persistent myths about prosperity is that it results purely from luck. Often, commentators credit the mere presence of oil, gas, potash and other natural resources for Western Canada’s recent (and presently fading) boom in investment, jobs and government revenues.
With the price of oil plunging to below $50 per barrel and the outlook for Alberta’s economy and provincial budget revenues falling in tandem, an oft-heard piece of advice is being recycled: Alberta should diversify its economy.