I need information about how oil affects canadas economy. Does any1 have any info on this?

Question

I need information about how oil affects canadas economy. Does any1 have any info on this? if any1 does, please post it, thx

Answer 1

Well, for 2 to 10 points, I can say that Canada is a net oil producer/exporter, which is to say that while they import oil, they export more. A nice, simple summary is from the (gasp!) CIA factbook, which is not a secret, just the basic summary that U.S. government officials use as a basic information yardstick. Canada, in 2005, produced oil at a rate of 3.09 million barrels a day, and consumed oil at a rate of some 2.29 million barrels a day. Canada imported (2004) at a rate of some 1.18 million barrels a day, while exported (2004) at a rate of 2.27 million barrels a day. A 2006 estimate of proven reserves is about 178 billion barrels, which includes the oil sands, or tar sands as some call them. Let's see, 178 billion barrels in reserve divided by 3 million barrels per day is some 59 thousand days, or around 162 years of oil at the current rates. I know it isn't quite that simple, but you get the drift.