EDMONTON — When the Canadian Energy Research Institute (CERI) released its sixth-annual oilsands update in May, it highlighted the bright investment future of the industry.
The University of Calgary energy economics think-tank expects $2.1 trillion to be pumped into 47 new projects between 2010 and 2035.
That’s split into $253 billion for initial capital for construction and, over the longer term, $1.8 trillion for operation, maintenance and sustaining capital.
But the real story is the benefits such massive investment will splash all across North America — 900,000 full-time and part-time jobs; $444 billion in taxes paid to all levels of government; and a cumulative total of more than $623 billion in royalties bulging Alberta government coffers.
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I keep putting this stuff up but I’m far from certain anyone is interested nevermind that hundreds of thousands of high paying jobs which will last decades are at stake.
It defies belief as “Greenies” everywhere stand in the way of progress but here you have it. I’m probably wasting my time as the “Church of Gore” continues to beat the drum but I try.
Why do “we” want to save the oil for future generations? That makes the assumption that there will be no innovation, no progress, just the status quo.
I feel that the innovation will come as oil becomes more expensive to find or mine thus less available (supply) – space travel should not be contingent on jet fuel but on new methods of energy. Going “back to the future” will stimulate innovation. Going back to the past is a waste of all the knowledge we learned!
Thanks for the posting Jack. I worked in the patch for many years and the quest for more oil and gas and now oilsands is exciting and spurs on people’s creativity – hard work but lots of fun.
Thanks Jack – everyone in my family is directly or indirectly affected by the oil sands – this province would be devastated if there was a shutdown. Why the rest of Canada does not get this, is a mystery to me. There will be no forgivness – the anger and frustration will result in a cold fury – Albertans will not slink off into the night quietly. We will change the nature of Canada – unlike others, we will do the deed. Cheers.
The oil companies are their own worst enemy with the lack of competition at both the refinery level and at the pumps. High pump prices are hurting Canada’s struggling economy which is now negatively affecting almost everything we buy. I agree that the oil sands are important to Canada but they must stop gouging their customers.