Monday, September 12, 2011
Canadian Oil Sands Impact
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The WSJ article linked below serves as another reminder of what an incredible economic driver oil & gas exploration can be. Further, Candada seems to be developing its oil sands in a remarkably environmentally friendly manner.
Several recent studies have highlighted the value to the US economy of releasing the regulatory shackles from the oil & gas industry here. Importantly, no one is advocating unbridled or uncontrolled development. In fact, environmentally responsible development costs a little more but produces more jobs as well, as exploration and development companies are required to remediate the environmental impact of their operations.
Alberta's oil and gas industry supports more than 271,000 direct jobs and hundreds of thousands of indirect jobs in sectors such as construction, manufacturing and financial services. The province has an unemployment rate of 5.6%. There are also some 960 American companies involved in Alberta energy, supplying equipment and technology, among other things. As an example, Mr. Liepert says, "dozens of Caterpillar tractors, made in Illinois and Michigan and costing $5 million a piece" work the oil sands. He says the region is on track to create more than 400,000 direct American jobs by 2035. The Bakken region of North Dakota, where private land ownership gives drillers relief from federal obstructionism, shares a similar, if smaller, story. Oil production there is booming, and North Dakota unemployment is 3.3%.
Read the whole thing
James L. Salmon, Esq.
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