Oil sands economic benefits?When most people think of oil sands, they think of Alberta. Alberta does hold majority of Canada's oil. Yet the benefits of of buried bitumen extend well beyond Alberta’s borders. Almost every community in Canada has been touched by oil sands development, because of jobs growth and the economic growth that they have produced, every year.
The Athabasca oil sands are often a topic in international trade. Energy rivals, China and the United States have been negotiating with Canada for a bigger share of the rapidly increasing oil production. Canada isn't the only country that makes money from the oil sands. Alberta doesn't change the oil to fuel and other things, so when it is sold to other countries they can change it to anything and then sell it back to us or other countries. |
TransCanada On The Keystone Pipeline: |
Oil sands economic negativesI have done lots of looking for negatives. The only main negative that I could find was the cost to mine and drill the oil out of the ground, but companies make double that amount in one day. Except, with the Canadian dollar and oil prices dropping drastically this year, it is making it harder to make the cost back. So, with the drop in profit many companies are feeling the pressure of spending and laying off people from work. The layoffs are being seen as very huge economic negatives for Canada oil companies.
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World needs oil?So, one thing many people might not have known was, that Alberta's oil sands has enough oil to produce 2.5 million barrels of oil per day for 186 years. But, you might also not know that our biggest consumer is the United states and they use 18.8 million barrels of oil a day. This means Canada could support the United States for only about 10 years before we ran out. With Alberta being a huge producer of oil for the world, many people and countries look to us for oil. With the way Alberta is shipping oil out to other countries we won't have enough to support the number of countries and people we do at this time and they will look for other producers. |