With almost 170 billion barrels in oil reserves, Canada ranks only behind Saudi Arabia and Venezuela in terms of domestic oil supply. Yet we continue to import billions of dollars worth of oil every year into Eastern Canada, from places including the U.S., Saudi Arabia, Algeria and Nigeria. As well, polls in Quebec and Canada show strong support among Canadians for using domestic oil over oil from other countries.
The lack of new pipelines to access overseas markets is costing Canada jobs, prosperity and tax revenues.
Building these pipelines would help Canada receive full value for its oil and natural gas resources.
Canada is a leading producer of oil and natural gas, and one of the few with strong environmental standards.
A study by iTOTEM Analytics found the important role Indigenous-affiliated businesses played in supporting the province’s supply chain and economy. Highlights include $540 million in spending with Indigenous-affiliated businesses, which increased 148% from 2018 to 2021.
Oil and gas investment in Canada is growing, creating jobs and prosperity for all Canadians.