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Main Connect News Natural Gas Industry Could Be Worth Trillions

Natural Gas Industry Could Be Worth Trillions

Thursday, March 28, 2013

The oil and gas industry has long been a major part of the Canadian economy, but the development of the natural gas industry could add another dimension to the field. In order to further examine this possibility, the Conference Board of Canada recently released a study on the nation's natural gas industry, and the findings show that it is set to become one of the top economic forces in North America.

Currently, natural gas companies employ 130,000 Canadians and create $24.5 billion for the national economy, CBC News reports. This accounts for 42 per cent of Canada's energy exports, but the industry will have to grow in an effort to meet the high demands of the future. Between now and 2035, the need for oil is expected to more than double.

Investment and production in natural gas would provide a massive boost to the national economy. As prices increase in accordance with global demand, the government and independent countries will invest more in natural gas outlets, setting off a domino-effect that could lead to economic stability and success for the industry. The study found that conservative estimates peg the total financial windfall for the Canadian economy to be close to $1 trillion.

"In all, Canada's natural gas industry is expected to add a cumulative $940 billion to Canada's economy over the next 24 years, and generate roughly 6.2 million person-years of employment," the board said in the report, as quoted by CBC News. "In other words, the industry is expected to support employment of nearly 260,000 jobs per year over the 24-year forecast horizon … The entire country benefits."

While the expansion of the natural gas industry would positively impact most of the country, British Columbia and Alberta will benefit more than others. With their extensive gas holdings, the two provinces will likely see a large increase in the number of jobs and other opportunities available in their regions. People who have rounded out their education at a local Alberta college will be in a prime position to land one of these jobs, especially if they have studied the ins and outs of administrative work as it relates to the natural gas field.

Students interested in finding a career in the oil industry can start by enrolling in the Oil and Gas Administrative Assistant program at Reeves College. For more information, fill out the form on the right.