Hydrocarbons like oil and natural gas have been a major play in growing economies and improving quality of life. They provide us the building blocks to create products that we use every. They help heat our homes in the winter and cool us down in the summer.
Counter-Point : Increased energy use from hydrocarbons has actually been strongly connected to a better quality of life and higher GDP.
Petrochemicals also play a major role in medicine and healthcare in the manufacturing of vaccines and anti-biotics.
https://context.capp.ca/articles/2019/feature_petroleum-in-real-life_pills
Access to energy, especially during emergency response is crucial to maintaining human development.
https://www.forbes.com/sites/mikehughes1/2018/12/10/why-access-to-energy-should-be-a-basic-human-right/
It’s still wintertime in much of Canada. The energy industry is providing Canadians reliable heat.
ttps://www.forbes.com/sites/
In 2019 alone, it exported $96.2 billion worth of oil and natural gas that helped stimulate Canada’s economy.
https://www.cer-rec.gc.ca/nrg/sttstc/ntrlgs/rprt/ntrlgssmmr/ntrlgssmmr-eng.html
In 2018/19, oil and gas companies provided 32,000 direct and indirect jobs and over $700 million in revenue to the province of Saskatchewan
https://publications.saskatchewan.ca/#/products/81263
The Government of B.C. expects gas royalties to increase by 35% in 2020. Oil and gas are expected to bring in almost $491 million in 2020/2021.
https://www.bcbudget.gov.bc.ca/2020/pdf/2020_budget_and_fiscal_plan.pdf
Counter-point: In just 10 months, the Federal Government spent $268.2 billion on COVID. While the oil and gas industry was able to access some financial support that was available to all industries, only $1.7 billion was given as direct support to clean up old wells.
https://www.cbc.ca/news/canada/tracking-unprecedented-federal-coronavirus-spending-1.5827045
Counter-point: A policy brief from the International Institute for Sustainable Development notes that Canada announced almost $15 billion in financial support for “green” initiatives in 2020. That’s almost 800% more than the support announced for the oil and gas industry during COVID.
https://www.iisd.org/system/files/2021-02/climate-canada-covid-19-response.pdf
Counter-point: According to Statistics Canada Data, the gross revenue contribution to federal, provincial, and municipal governments exclusively from the oil and gas sector is $493.3 billion between 2000 and 2018, an average of $26 billion per year.
Statistics Canada (2020b). Table 10-10-0017-01: Canadian Government Finance Statistics for the Provincial and Territorial Governments
Statistics Canada (2020c). Table 33-10-0006-01: Financial and Taxation Statistics for Enterprises, by Industry Type
Statistics Canada (2020d). Financial and Taxation Statistics for Enterprises, by Industry Type (x 1,000,000). Custom tabulation.
Statistics Canada (2020a). Table 10-10-0016-01: Canadian Government Finance Statistics for the Federal Government
Title: Canada’s Air Quality Dramatically Improved Despite Increased Energy Use Author: Ross McKitrick and Elmira Aliakbari Publisher: Fraser Institute Date: May 17, 2017 Summary: Despite a growing economy and increased consumption of fossil fuels, Canadian air quality has improved drastically since the 1970s. Full Text Article Summary: In recent decades, Canada has experienced something many
Quebec banning oil and gas development could have far-reaching impacts across the country. A revocation of permits also revokes carbon storage permits and in effect confirms ENGO arguments that carbon capture and blue hydrogen are a net negative for the climate. The decision will likely embolden Environmental Groups to use
The government tasked Expert Panel on Sustainable Finance has just released its final report to the public on their recommendations for Canada’s future in economic sustainability.
Title: Cost of Fossil Fuel Divestment for Public Pension Funds of New York State and Colorado Author: Prof. Daniel R. Fischel, Christopher R. Fiore, Todd D. Kendall Publisher: Compass Lexecon Date: August 2018 Full Text Article Summary: We found that when a pension fund divests from coal, oil, and natural gas, the annual
Title: Fossil Fuel Divestment and Public Pension Funds Author: Prof. Daniel R. Fischel, Christopher R. Fiore, Todd D. Kendall Publisher: Compass Lexecon Date: June 2017 Full Text Article Summary: Based on wellaccepted economic theory and the academic literature studying previous divestment attempts, the study concluded that fossil fuel divestment has minimal
BY MICHAEL L. DAVIS, OPINION CONTRIBUTORThe views expressed by contributors are their own and not the view of The Hill Every year the federal government publishes the Annual Energy Outlook (AEO). Fight your way through the drone of bureaucratic prose and you’ll discover very specific forecasts for hundreds of energy prices and
Title: The Social Benefits of Fossil Fuels Author: Joseph L. Bast and Peter Ferrara Publisher: The Heartland Institute Date: May 30, 2018 Full Text Article Summary: Humankind’s historic and ongoing use of fossil fuels has resulted in huge benefits for people, wildlife, and ecosystems. Five of those benefits are documented here.
Title: Fossil Fuel Divestment and Its Potential Impacts On Students, Faculty and Other University and Pension Stakeholders Author: Prof. Hendrik Bessembinder Publisher: Arizona State University, University of Washington, and Compass Lexecon Date: April 2017 Full Text Article Summary: The costs of divestment are equivalent to annual tuition increases (or equivalent reductions in
Title: THE STATE OF ENERGY IN QUEBEC Author: Pierre-Olivier Pineau , Johanne Whitmore Publisher: HEC Montreal Date: December 2018 Summary: The State of Energy in Quebec provides the most objective overview of Quebec’s energy data to help all stakeholders and observers gain a clearer understanding of current energy consumption trends and to better
Title: Task Force for Real Jobs, Real Recovery: SECURING CANADA’S ECONOMIC FUTURE Author: Don Hauka, Pat Hufnagel-Smith, Joseph Quesnel,Patricia Mohr, Denise Mullen Publisher: Resource Works Society Date: August 19, 2020 Full Text Article Summary: The Task Force for Real Jobs, Real Recovery just released its flagship report detailing the aspects of including
Title: Species Extinction – The Facts Author: International Union for Conservation of Nature Publisher: International Union for Conservation of Nature Date: 2007 Full Text Article Summary: Despite apocalyptic claims, the extinction numbers are a far cry from the millions that certain groups propose. The actual recorded number: 869 species since the year 1500.
Title: Fossil Fuel Divestment: A Costly and Ineffective Investment Strategy Author: Prof. Daniel R. Fischel, Publisher: Compass Lexecon Date: N/A Full Text Article Summary: The costs to investors of fossil fuel divestiture are highly likely and substantial, while the potential benefits – to the extent there are any – are ill-defined and uncertain at
