Canada’s O&G and Renewable Energy

When the oil market went down in 2014 many people who worked in the O&G were affected not only in the US but worldwide including Canada. “Both Canada and the U.S. are in the top five oil and gas producing countries on the planet.” Because of the large loss, Canadians lost over 40,000 jobs related to the oil and gas industry. Canada has a huge affect on the US economy. How, you may ask? For example; “Canada’s oil and gas sector will contribute $45.6 billion in American gross state product, resulting in 406,000 jobs from goods and services supplied by United States firms to Canada.” The fall of oil prices did not only hurt workers in the O&G industries but also touched the mining, fishing and forestry industries.

Although a large area comes from the O&G sector, it is not the only industry that has Canada has put all their funds into.  Renewable energy is just as big as oil. In fact, “renewable energy capacity has been doubling every two years.” According to this article, this is actually very good news as the workers who lost their jobs in the oil industry are now working in the renewable energy area. The good news for these guys is that there is not a huge amount of difference coming from the oil and going into renewables. Maybe a class or two but the job is still the same. Furthermore, if oil were to go up again the companies needing workers in the O&G industry may be in trouble as many have already found jobs elsewhere.

Read more: http://www.digitaljournal.com/business/oil-and-gas-industry-impacts-on-canadian-economy/article/499923#ixzz4pnb5M4kw