Canada’s oil and gas industry has seen its share of the country’s merchandise exports jump over the past two decades, and energy is now a crucial contributor to Canadian trade and economy. While the federal government is looking to reduce greenhouse gas emissions by a proposed cap on emissions from oil and gas and additional carbon taxes, facts and figures of the past decade show that energy exports are now nearly a quarter of the value of Canada’s total exports.
More oil and gas exports are also in the cards in the coming years as TMX is now delivering more crude to Canada’s Pacific coast for export via tankers to the United States and Asia—the most prized export market for any producer. “With improved access to global markets, Canadians can look forward to receiving higher value for our energy resources, meaning more money coming back into the economy,” Lisa Baiton, President and CEO of the Canadian Association of Petroleum Producers CAPP, said.