This is a news compilation setting the record straight on the day’s top stories about the oil and gas industry.
Energy use is increasing in developing countries and Canada can fill that demand while taking care of the environment.
The Canadian Energy Regulator recently released its future outlook report and found that Canada’s oil and gas production will be increasing past the year 2040 to a predicted 7.1MMb/d from 4.8MMb/d. While hydrocarbon opponents keep pushing the line that the oil and gas industry is dying, Trudeau’s own government shows that it is clearly wrong.
Even at worst-case scenario predictions from private sector analysts, oil and gas production in Canada still increases significantly.
Here are some reasons why Canada’s oil and gas industry will be the number one choice:
- Canada as a top 10 oil producer excels past our competitors as the environmental choice for energy.
- Oil and gas demand is going to be increasing in developing countries for the foreseeable future.
- Oil is expected to increase by 50% to 7 million barrels a day.
- Natural gas is expected to increase by 30% to nearly 20 billion cubic feet per day
These projected increases in Canadian production are great news for an industry that has seen its fair share of roadblocks.
By exporting Canada’s natural resource advantage, we can fight emissions without carbon taxes.
- Just a $30 per tonne carbon tax is expected to cost the economy 94,000 jobs and $21 billion and even with mitigation efforts will still cost Canada’s economy $500 per tonne of nominally reduced emissions.
- Reversing carbon leakage by attracting high-emission offshore production in areas where Canada is a lower-emissions producer will generate a double dividend of new economic benefits and lower global emissions.