Alberta Oil Industry EC239 section C Instructor: Sharif Khan GROUP MEMBERS Jiayu Weng 133004040 Liang Zhang 114161410 Jingsong Sun 114161870 Brent Bogdon 130177700 Thurairajah Thilakxshan 130937440 I. INTRODUCTION The Oil Sands of Alberta have been a scene of controversy since the commercial production of oil began there in 1967. The Oil Sands are underground deposits made up of a mixture of sand, water, clay, and bitumen (1). The oil extracted from these reserves in Alberta is an integral source of energy used by Canadians on a daily basis, from transportation to heating. The oil sands are also a major host for jobs not only for the locals in Alberta, but also for all Canadians. Even with such apparent benefits, there are many who …show more content…
Therefore with the growing need for energy in the global markets America decided to loosen trade policy regulations and export crude oil. America has been able to keep with Saudi Arabia’s absurd production of crude oil, causing the price of crude oil to drop. This constant production of crude oil has brought prices to fall below $40 USD, causing many energy firms in Alberta to make staff and budget cuts. The Alberta oil industry future is grim, as many companies have already reduced spending plans and has predicted that they will be operating 57% less than 2014. This tremendous hit to the Oil industry has caused tremors in all other aspects of the economy as the unemployment rate, “immigration” rate, and the real estate market worsens. Alberta’s economy is closely related to the oil industry, thus with the decline of crude oil prices the economy is in an unstable state. III. DATA ANALYSIS Figure 3-1 Alberta’s oil exports has been increased from about $17.1 billion to $76.2 billion and the proportion of oil exports in total goods exports has also been increasing between 2004 and 2014. In other words, oil exports have become more and more important in Alberta’s exports. Figure 3-2 From 2014, the crude oil price has dropped in a sudden since the global economic downturn, oversupply of crude oil and the appearance of new energy. Global economy fatigued, and thus the demand of crude oil was not strong,
is an "independent energy company engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, NGLs, and natural gas production"(Canadian Natural Resource Limited: TSE:CNQ quotes and news, n.d.). The company is environmentally conscious, very
The Canadian economy today is at an all-time high with higher economic growth and rising GDP Canada is seeing great changes in the economy. The GDP increase by 1.1 percent in just the first 3 months of 2017. Canada is quickly recovering from the decline in oil prices that significantly slowed down the growth of the Canadian GDP. Because oil plays such a major role in the Canadian economy this had a huge tole on the overall GDP of this country. But, as the country approaches an increased GDP the energy sector does not seem to be hindering the GDP any longer. With the price of oil and gas going back up this has significantly increased the GDP of Canada due to the large amount of petroleum that Canada produces.
These factors result in several issues and challenges. These matters have brought a conflict between the various stakeholders in this industry (Oilsandstruth.org, 2015). This discussion aims to identify the primary issues associated with the Canada oil sands and the involved stakeholders. Secondly, the stakeholders’ political view will be established. Finally, the discussion will recommend policies that can be effective in solving the challenges associated with the issues.
The Alberta tar sands, is currently the largest construction project taking place in the world, and as such is a very important
The social community improvements of alberta as a result of the oil sands. The albertan government committed around 2.5 billion dollars in fixing up the communities of alberta as a result of the oil sands making so much money(Alberta government,march 15 2013). Some examples of this are the 1 billion in road projects, 241 million in building new neighbourhoods, and 103 million in wastewater treatment and to improve the old ones(Alberta government,march 15 2013). Air is rated good 99% of the time, drinking water consistently meets the the guidelines for canadian drinking water(Alberta government,march 15 2013). Which means the quality of life is good in the oilsands region. In conclusion the oil sands affect the communities of that region positively, by bringing in enough money to make improvements to the infrastructure.
The Alberta Oil Sands have affected many stakeholder groups such as government, residents, researchers and employees. However, we will focus on how it affects the Alberta Government; specifically, Ed Stlemech of the Conservative Government. As my stake holder, Ed Stlemech does not live within the Alberta Oil Sands area as well as have any direct relevance to it, I will instead examine how it has affects the citizens of Alberta and more importantly, those who live in and near the Fort Chipewyan area. In this way, the environmental, the economical as well as the societal impacts will impact Albertan voters and therefore impact the Conservative Government in way of the Alberta General Election.
The Alberta oil sands are a large contributor to the pollution of the air and water. They're responsible for 9.3% of Canada's greenhouse gas emissions and 0.13% of global emissions. The oil sands already produce a large amount of air pollution but the emissions are
In “Tarmageddon: Dirty oil is turning Canada into a corrupt petro-state,” Andrew Nikiforuk argues that the Canadian oil industry has harmed Canada’s environmental, political and economical images. First, Canada starts to be regarded as having a defensive attitude towards environmental issues since the Bitumen has been explored. Regardless of the Bitumen’s high cost and emission, Canada still welcomes billions of foreign investment in the Bitumen. Consequently, newly operated industries begin to destroy the forest and generate toxic waste (even into water). While refining oil, lots of energy and freshwater are squandered, outpouring a considerable amount of carbon emission. Hence, Canadian oil industry has been pictured as a “carbon-making
The question that has arisen from this shift is whether or not the Canadian oil and gas industry inclusive of the upstream, and midstream sectors, has a net positive benefit to Canada. This essay will explore and seek to understand the myriad of issues that this industry faces daily.
The Oil Sands of Alberta is an enriched area of oil that Canada utilizes for economic stability. One main aspect of being
The statement ‘Canada oil sands are much more of a blessing rather than a curse’ is not true because the disadvantages of oil sands outweigh the advantages. For this reason, this paper aims at indicating points against the statement. To understand the defects of oil sand exploration in Canada, one has to delve into the explanation of what oil sands are as well as how the entire process of mining and refining and thereafter, determine the disadvantages based on socioeconomic factors, environmental factors, as well as the infrastructure and energy required for its production.
The Canadian province of Alberta is home to one of the world’s largest unconventional oil reserves — a roughly 140,000 km² area covered by a combination of boreal forest and peatland. Bitumen, the substance comprising these reserves, is a particularly resource intensive and environmentally destructive fuel source to extract, requiring significant amounts of water and often strip-mined land (Huseman & Short, 2012). Now referred to by many as the Athabasca oil sands, the area has traditionally inhabited by a number of Canada’s First Nations (FN) groups. These rich hunting, fishing, and gathering grounds in northern Alberta have sustained FN groups for
Oil also plays a big role in Canadian’s everyday lives. Not only does oil fuel our vehicles, cook our food and heat our homes and generate electricity; it is also used in almost everything we use on a daily basis. From rain, snow or sunshine and from head to toes, you could be wearing petroleum-based products. There’s more than gas in your vehicle, tires, mud flaps, wiper blades, your vehicle is an oil and gas machine. From the time, you wake up and put your coffee maker on, until you set your alarm clock at night. You’re using oil products. We use hundreds of petroleum-based oil products every day from household appliances, electronics, personal products and much more. In an article about oil and Canada’s future it states “These along with
The recent downfall in oil prices had a significant impact on Alberta’s economy. Following the downfall, many issues within the Province
‘We Create Energy For A Better World.’ This is the slogan that belongs to Canada’s largest oil company, Suncor. This Canadian publicly traded Company specializes in extracting crude oil from Alberta’s Oil Sands, then refining and selling it. 1919 was their first ever year of business. While their current CEO of Suncor is Steve Williams. The company has many, many locations across Canada as they are Canadas very best. But Suncor’s headquarters are located in Alberta, Canada. Their stock prices have been fluctuating since over the past 5 years but a major downturn was in 2014. This was about the same time of when the oil prices started sliding down majorly. Suncor is doing their best to stay up there above all the other companies.