Various petroleum products are the major sources of energy of the world today. Because of this, countries that have the capacity to produce and develop these products have always been economically stable, if not rich.
The country is naturally rich in various sources of fossil fuels, and it is not surprising that in no time, the Canadian oil and gas industry has been one the major exporters of petroleum products in the world.
What’s in store for the oil and gas industry in Canada?
The oil and gas industry is a major mover of the world economy.
Similarly, it is a major contributor to its own country’s economy. For the nearly two centuries that it has been around, the Canadian oil and gas industry has helped shape the country’s history and economy.
However, it is not a secret anymore that the industry is facing worldwide problems, both environmental and supplies-wise. The combustion of fossil fuels emits an environmentally dangerous side product that is seen as the major culprit for the looming global warming.
On the other hand, as fossil fuels are not easily renewable, problems with the diminishing supply may arise in the near future. Despite these, the Canadian oil and gas industry is still a great mover of the economy and is seen to do be so for the years to come.
Advances in science and technology has helped find ways to significantly reduce dangerous emissions in the atmosphere without compromising the use of these products. Because of the country’s natural richness in geological products, the supply of petroleum will not diminish any time soon.
Canada’s various oil sand fields, arctic and offshore resources for petroleum products are in the early stages of exploration.
They are seen as the major sources of the products in the near future, effectively erasing the problems in the diminishing supplies.