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Main Connect News Report Shows Oilsands' Impact on Economy Through 2035

Report Shows Oilsands' Impact on Economy Through 2035

Thursday, April 11, 2013

Canada's economy has been on a steady upward climb over the past few years, and most of this credit could be given to the oil and gas industry. The oil sands are essential to prosperity across the country, and some people believe that in order to continue this growth, more pipelines and collaboration in the field are crucial. A recent report by Deloitte Canada, "Gaining Ground in the Sands 2013," demonstrates this belief, projecting that the country could experience a multitrillion-dollar boom if they keep up with oil production and development.

"The oil sands are going to be the economic engine for the country for the foreseeable future, for the next 25 to 30 years, and it is akin to the impact of building the national railway in the 1880s," Marc Joiner, a representative of Deloitte in Toronto, told the Edmonton Journal. "There was dissent back then about spending all that money on the railway, but now we ask how could you not have done that. It is the same with the oil sands."

Bright Future Ahead
Last year, according to the report, the energy industry generated almost $22 billion. However, it could be making significantly more if it increased prices - which are discounted to the U.S. - or boosted its pipeline capacity. The report states that barrels are currently $19 each, causing the industry to lose about $27 million a day.

The promising outlook is also a good sign for employment growth, potentially enticing more students to pursue careers in this prosperous field. As pipelines develop and petroleum production levels increase, employers will be searching across the country for talented and capable candidates who have a strong background in oil and gas education, as well as relevant practicum placements.

Most of the oil sands are situated in northern Alberta, but the benefits are projected to impact the nation as a whole: $2.1 trillion in economic activity and 905,000 new jobs in the country by 2035, according to the United Press International.

Students who are excited to become a part of a rapidly growing industry can enroll in the Oil and Gas Administrative Assistant program at Reeves College. For more information, fill out the form on the right.