Canadian Oil Industry A Report

1802 words - 7 pages

IntroductionClimate change is one of the most significant environmental challenges of the 21st century and is linked to other important issues such as economic growth and development, currently pointing fingers at our oil industry with signs of diminishing our comepetitive advantage. Looking at the current status of Canada in international competitiveness, along with Productivity, Innovation and Investments in Human Capital, we also need excellent international economic conditions to make use of our competitive advantage. Canada's oil reserves - which are predominantly located in Alberta's oil sands - are now officially ranked as second only to Saudi Arabia's . While these reserves may be considered a blessing, most economies with such abundant natural resources have actually experienced economic difficulties (ex: Netherlands in 1970s with large exports of natural resources which led to a strong currency hurting local economy). In the following section we will be exploring different issues arising out of Global Warming, assessing its effects on our International Competitiveness both in Oil and other industries.Factors Affecting our International Competitiveness in Oil IndustryGlobal Warming Under a Single Hood: Increasing global temperature taking global awareness along with it in late 2006 and early 2007 will have a direct impact on our oil exports and in turn our dollar value which is pegged to it. Canada's fastest-growing source of global warming pollution -- the Alberta tar sands -- is boiling off the very water supplies it needs. This in fact can make our own government and rest of the world to point fingers at our oil sands being the biggest contributors to the end of our Ice age. With global concern towards green power rising because of these facts, our oil sands might loose the competitive advantage over any alternate forms of energy (So called green energy sources) that the world might come up with. In this case the quantity of oil we produce doesn't matter when the oil source and process is of high significance. Competing with green sources of energy will not only be a great challenge, but also a moral and ethical question of environmental responsibilities.The Cost Factor: With increasing hype about the rising temperature in the polar region, for which our oil sands are held as one of the major causes will foresee higher costs coming forward with measures that could be taken by the government to reduce emissions. Most emitters of greenhouse gases (GHGs) can expect to face increased costs associated with the investments in emission reductions. As we know, Alberta's oil sands use natural gas to squeeze out oil leading to emission of high scale GHGs. We can surely expect the cost of the process still going high with these costs added on to the process. Alberta is already complaining about the oil exploring expenses which are sky rocketing, this add on will surely pull back its competitive advantage in spite of having second largest oil...

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