The importance of low-cost energy to economic growth is seldom acknowledged in trendy calls for a transition from fossil fuels to renewables
Energy is by far Canada’s largest export, accounting for almost 25 per cent of export earnings. Crude oil accounts for the lion’s share of energy exports at 71 per cent, and the oil sands produce 70 per cent of Canada’s oil. Little wonder that over time they have become almost synonymous with Canada’s energy exports. Even in the market glut that saw oil prices fall following 2014, the volume of exports surged 43 per cent, a testimony to the competitiveness of oil sands operations.
