CERI forecasts the oil industry will pay about $1.5 trillion in provincial ($302 billion) and federal ($574 billion) taxes and provincial royalties ($590 billion) over the next 25 years. In addition to developing oil sands and other hydrocarbon sources, many oil sands companies also have what it takes to develop renewable energy.
These are not just good jobs, these are great jobs, and they provide unparalleled socio-economic mobility for Canadians.
This includes Fort McMurray and Aboriginal communities in the oil sands region.
And then there are the indirect employment benefits. One of the most important mechanisms used to achieve this is co-generation. The government is promoting the growth opportunity which it feels will deliver the simplest and quickest relief: oil. and Saskatchewan,'" said Tertzakian. Oil sands EROIs are 4.5:1 for mining and 3.5:1 for in situ making the sands a poor source of energy – much lower even than solar’s ~8:1 or wind’s 15:1. Since 1999, more than $200 billion has been invested in Alberta's oilsands. Comments on this story are moderated according to our Submission Guidelines. The International Energy Agency expects global demand for energy to increase one-third by 2035. The oil sands may contain 167 billion barrels of accessible oil but it is one of the most expensive sources in the world given the amount of energy production requires. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). In reality, natural gas, conventional oil, oil sands in situ and oil sands mining are 4 separate industries with very different cost and revenue structures. In the spirit of Thanksgiving, we present four reasons to be thankful for the oil sands. 3. For conventional oil, natural gas and in situ oil sands, cleanup consists of capping wells to prevent methane leaks and taking up pipelines and infrastructure. There is a wide variability in the oilsands region in terms of costs and quality of resources, as some companies were late to the game and didn't have the best geology to access bitumen and get it to market.
Not all oil is created equally clean, efficient or profitable. In 2015, the U.S. consumed 19.4 million barrels of oil per day.
By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. "We still have a lot of value to uncover, and we have a lot of running room, even at depressed prices that I think will impact a lot of other people around the world before it will truly have a real impact here for us," he added. The ratio called EROI (Energy Returned on Energy Invested) ultimately determines whether developing a particular oil field is energetically viable. We want to hear from you. These include: greenhouse gas emissions, land disturbance, destruction of wildlife habitat, and degradation of local water quality. CERI estimates that the overall economic contribution from the oil sands will be $2.1-trillion over the next 25 years. Mining the “paydirt” extracts over 90% of the oil while the in situ method achieves a 35% to 60% yield although its remediation cost would appear to be much lower. "If we project out one or two decades and some of these projects require increasing cost and capital expenditures, I'm sure the proponents will say, 'hmm, is it better just to pack it up or continue," said Tertzakian. In any industry, there is always a chance marginal players will be forced to close their doors, even as the main players remain strong. In part because of the carbon levy, spending on technology should rise again as oil prices gradually increase. Oil sands already figures prominently in North America’s energy supply. "Oilsands projects are very large initial investment and there is such scrutiny in the approval process to get those projects off the ground and built, a lot of those, even in today's environment, those operators in the oilsands are in it for the long haul," said Patrick McDonald, an oilsands manager with the Canadian Association of Petroleum Producers. Just last week, MEG Energy announced an expansion project at its Christina Lake operations. Alberta, Canada, has a booming oil-sand industry -- as many 1 million barrels of synthetic oil are produced there every day, 40 percent of which comes from oil sands [source: Oil Shale & Tar Sands Programmatic EIS Information Center]. Alberta’s deficit this year is $6.7 billion on a budget of $50 billion and it plans to cut up to 6000 civil service jobs. A five-year partnership between stakeholders in the region, the Suncor Energy Foundation, the Region of Waterloo in Ontario and the University of Waterloo, SPWB aims to improve the quality of life in Wood Buffalo by strengthening its non-profit sector. See what Yes can do and be part of the conversation. All sources of energy, including that from Canada’s oil sands, will be needed to meet growth in global demand. The good: Imperial Oil. Crude oil derived from the oil sands is refined into products, such as gasoline, diesel, and aviation fuel, which keep us warm, power our industries, and help us move about the country and the world (not to mention cooking those turkeys).
World's top hydro power stations. This analysis yields the bottom line of government deficits or surpluses and increases in the Alberta Heritage Fund. Oil sands production has tripled from 1.1 million barrels per day in 2004 to over 3 million barrels in 2019.
Oil sands development is good for Canada’s economy.
The majority of these reserves are in oil sands in the northeast of Alberta, making the oil there difficult to get to, extract, process and transport. A Division of NBCUniversal. This makes up about 0.2% of Alberta’s boreal forest, which covers over 381,000 km². The current low oil price could also mean the Canada's oils sands are too expensive to extract. Remediation consisted of sealing the wellhead. Oil Sands Question and Response (OSQAR) is a blog created by Suncor Energy to support constructive dialogue about the oil sands. Posted in Aboriginal Relations, Canadian Economy, Oil Sands Education, Social Impact | Permalink. 4. The current low oil price could also mean the Canada's oils sands are too expensive to extract. Use our cartoons and logos to drive your points home. Future of the oilsands: the good, the bad and the ugly, Trudeau's 'phase out' oilsands comments spark outrage in Alberta, Fort McMurray First Nation distances itself from Jane Fonda's oilsands tour, Electric cars, oil price rebounds and Grande Prairie: What one energy expert will be watching in 2017, Canada shouldn't lose resolve for a carbon tax, says Shell exec, The card Canada never played to get Keystone XL approved, CBC's Journalistic Standards and Practices. Oil impregnated sand must be either dug up for processing or heated in place allowing the oil to flow for extraction. This has become a major factor in the close economic partnership shared by the two countries. That's the situation that could play out around Fort McMurray. Its proven oil reserves are around 170 billion barrels, which works out as roughly 13 percent of total global oil reserves.
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