Oil And Gas Industry A Canadian Necessity - 2858 Words

Albertan Oil: A Canadian Necessity Alberta’s oil and gas industry is a major necessity to the economic well being of the Canadian nation as a whole. This can be clearly seen with regards to the federals governments Equalization plan in which Alberta has not received a payment since the 1960’s. Although the oil and gas industry is detrimental to the environment, it is a necessity to the life the majority of Canadians take for granted and the notion that we can simply turn off the oil spigot and turn to natural resources without detrimental economic and societal impacts is unfounded, unrealistic, and without logic. Advocates for the end of the production of oil and gas in Northern Alberta and Saskatchewan claim that Canada could function without the oil sands (commonly referred to as â€Å"tar sands† which is improper as oil will not harder as tar will). This statement can be supported, but not without oil. Oil would have to be imported on an ever-larger scale than it currently is, requiring increased pipelines from the costal regions to more central Canadian locations. This would be seen as problematic to these environmental groups who oppose such pipeline developments. These advocates often suggest alternative methods of energy ignoring the consequences of these alternatives. Without the oil and gas industry the federal government of Canada would be required to rework its’ equalization plan, and all Canadians as a result would see a decrease in economic prosperity evenShow MoreRelatedThe Rise Of Canadian Oil Production2862 Words   |  12 Pagesfocuses on the rise of Canadian oil production and how Canada’s economy has reacted to this rise. Canada is in a very unique position in terms of oil production. Within Alberta, Canada has had an abundance of oil that it could produce. However, oil prices used to be a lot lower than what they have risen to in recent time. With these low oil prices, no one could justify producing the oil within the Alberta. This is due to the issue that the oil located in Alberta is mostly from oil sands (Facts aboutRead MoreCase Analysis : Enbridge Inc.1401 Words   |  6 Pages Enbridge Inc. is a Canadian energy company intending to build two opposite flowing parallel pipelines, transporting crude oil westbound fr om the rich Athabasca tar sands, and natural gas condensate eastbound from the coast of British Columbia. The purpose of transporting bitumen to the west coast is in order to have an outlet to the Pacific Ocean and subsequently export to the growing Asian oil markets via oil tankers. Alberta’s tar sands are estimated to have 166 billion barrels of proven reservesRead MoreEconomic, Environmental, And Social Repercussions Of Climate Change In Canada1798 Words   |  8 Pagesyear on record (CITE) and is heading into unknown territory. Into the bargain, Alberta is just getting over one of its worst economic bust cycles that it has ever witnessed. The price of oil has fallen FIND THIS OUT 2014-2015. This has had a dramatic impact on families who rely on income from the fossil fuel industry to put food on their tables. Provincial unemployment currently sits at nine percent – the highest rate in 22 years FIND THIS OUT. A loss of jobs coupled with economic security results in Read MoreEnvironmental Water Issues In Canada1337 Words   |  6 Pagessupply. Canadian farms use water for livestock maintenance and irrigation. Industrial water use involves manufacturing practices and cleaning machinery and buildings (Water Withdrawl Uses, 2012). Both agricultural and industries are big contributors to Canadian GDP while being big consumers of scarce freshwater resources (Corkal Adkins, 2008). Thus, it is evident that Canada needs to adapt how it manages its freshwater resources, given the increasing demand from agriculture and industry, in orderRead MoreEssay on Understanding OPEC: An Economic Analysis1353 Words   |  6 Pagespolicies of the Organization of Oil-Exporting Countries by exporting oil above its quotas. This is but one chapter in the complicated history of OPEC. OPEC is an international assembly of nations which co-ordinates and unifies the petroleum policies of eleven countries and has enjoyed the highs and weathered the lows of oil prices in t he last few decades. To solve their problems, both member countries and oil-importing countries must address the complex nature of oil price elasticity in making theirRead MoreThe Impact Of Oil On The Economy3167 Words   |  13 PagesHistory Of Oil In The Economy For a very long time, oil was widely used for things such as medicine, lubricants and adhesives. However, ‘A new era began when Edwin Drake successfully produced commercially usable quantities of crude oil from a 69-foot well in Pennsylvania in 1859’ (Parker, 2013). In the 19th century, oil became a key player in all industries, businesses, technology and geopolitics (Hinsdale, 2014). Oil has become the means of survival for both consumers and producers. ConsequentlyRead MoreThe Cost Of A Carbon Tax Or Cap And Trade System1161 Words   |  5 Pagessystem is that depending on the industry specialization of the country, it can result in primarily hurting the industries that are key actors in the local economy. Hence, at times, it is difficult for industries to promote clean energy at a reasonable time to internalize the extra cost imposed on them through a carbon tax policy. For instance, the Conservative government in Canada had opposed carbon pricing, arguing that it would hurt economic growth, especially in the oil sector. In addition, they arguedRead MoreThe World s Tallest Skyscraper And Man Made Islands1547 Words   |  7 Pagesfamous of all Arabian metropolises. This fame has arisen from the city’s great oil wealth; from the massive construction projects that have resulted - including the world’s tallest skyscraper and man-made islands; from the reputation for excess among Dubai’s young and wealthy; and from the large numbers of expats attracted to Dubai by the prospect of sharing in the city’s prosperity. But there’s more to Dubai than simply oil revenue. The westernisation of the emirate’s economy has created much diversificationRead More The Economic Factors Involved with the Rising Price of Gasoline2554 Words   |  11 PagesFor many Americans high gas prices have been a hot issue with them, and there seems to be no rhyme or reason to these fluctuations. With the continued popularity of the sport-utility vehicle and the high volume of gasoline it requires, the issue of high gas prices doesn’t seem to be going away anytime soon. Many factors go into determining the price of gasoline. This paper will explore the various factors involved to determine the price of gas and attempt to gain a betterRead MoreIs Cca System Within Canada Meets Fundamental Principles?1851 Words   |  8 PagesIntroduction In 1949 the introduction of Capital Cost Allowance (CCA) system was designed to be a simple method to depreciate capital property for tax purposes (Mida and Stewart, 1995). The CCA defined by Canada Revenue Agency (2014) as a tax deduction that Canadian tax laws allow a business to claim for the loss in value of capital assets due to wear and tear or obsolescence. Over time, the system whose aim was to ensure fair and equitable approach to asset depreciation for all taxpayers was significantly amended