A new analysis by the Canadian Energy Centre (CEC) found that the oil and gas industry contributed approximately $9 billion to British Columbia’s GDP and created over 55,000 jobs in 2018 alone.
The CEC’s research relied on Statistics Canada data from 2018 and included the indirect impact oil and gas developments have had on the province’s economy. The study also took into account energy-related economic activity between Alberta and British Columbia.
Data reveals that oil and gas also generated $17.8 billion in the form of goods and services across the province’s entire economy.
When it comes to job creation, nearly $3 billion in salaries and wages were paid out to workers in the industry. A total of 55,288 jobs were created, 36,590 of which were a result of indirect impacts while 18,697 were directly related to the field.
“In total, in 2018, interprovincial exports from B.C. to Alberta were worth $16.7 billion, or 39 per cent of British Columbia’s total interprovincial trade. Ontario came second at $14.4 billion (33.6 per cent) and Quebec third at $4.8 billion (11.8 per cent),” researchers wrote.
From 2007-2018 Alberta imported a whopping $177 billion in goods and services from British Columbia, $41 billion of which was manufacturing imports.
“Canada’s oil and gas sector has a significant impact on B.C.’s export sectors, both direct and indirect, as does the purchase of goods and services by Alberta’s citizens, businesses, and governments in the province where the sector is concentrated,” concluded analysts.
According to a recent poll conducted by Leger for SecondStreet.org, a vast majority of Canadians support the idea of expanding Canadian oil and energy exports to lessen global reliance on Russia.
A total of 72% of Canadians said they hope to see Canada working to further energy developments with 49% strongly supporting the idea.
“Developments around alternative energy sources are exciting for consumers, but studies suggest natural gas and oil will be used for decades to come,” said SecondStreet.org president Colin Craig in a news release.