Canada’s oil sands production is expected to double to 3.8 million barrels per day by 2025. New oil sands expansion is expected to start in 2016 and it will expand capacity by 50% when these projects begin production after 2019.”
An IHS study, Oil Sands Economic Benefits: Today and in the Future, seeks to quantify the economic impact of oil sands. It finds that oil sands production supported more than 478,000 direct, indirect and induced Canadian jobs in 2012 (3 percent of all jobs in the country) and contributed C$ 91 billion of Canadian gross domestic product (GDP).
Among the study’s key findings on the economic contributions of oil sands in 2025:
* Jobs from oil sands are expected to grow 58 percent from today, representing a total of 753,000 jobs, equivalent to 5 percent of total Canadian employment in 2012.
* The contribution of oil sands to Canadian GDP is expected to nearly double to C$ 171 billion in 2025, comparable to adding an economy the size of Saskatchewan today to Canada.
* A more than 100 percent increase in government revenues from the total effect of oil sands investment in Canada, from C$28 billion in 2012 to C$61 billion in 2025. The federal share of revenue (C$28 billion) would be roughly equivalent to what the federal government spent on healthcare transfers to provinces in 2012.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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