The oil and gas industry makes enormous economic contributions that benefit all Canadians. Here’s a quick summary of the most recent statistics.

Taxes
Every year the oil and gas industry pays billions of dollars to governments. These funds help pay for important government services, such as education, health care and infrastructure, that benefit everyone living in Canada.

The numbers are huge! In 2008, Canada’s oil and gas industry paid $26 billion to federal, provincial and local governments in the form of taxes, royalties and other fees.

In 2006, the oil and gas service sector alone paid $9.1 billion in taxes. That’s over 4% of all taxes paid to the federal and provincial governments that year.

That much money pays for a lot of teachers and classrooms, nurses and hospital beds, and construction workers and highways.

Jobs
The oil and gas industry employs close to 500,000 people, directly and indirectly. These people shop and pay taxes in Canada too!

GDP
Gross Domestic Product (GDP) is the total market value of all finished goods and services produced in a country in a given year. Think of it as the size of the economy.

In 2006 (the latest year of available data) Canada’s total GDP was $1.3 trillion. The oil and gas service sector was responsible for a whopping $65 billion in GDP and the producer sector was responsible for an impressive $87 billion of Canada’s 2006 GDP.

Together the oil and gas industry’s contribution to GDP in 2006 was $152 billion, or almost 12% of Canada’s total.

Investment
Oil and gas industry companies make up 25% of the value of the Toronto Stock Exchange. Many Canadian investors, mutual fund owners and pension plan holders are invested in oil and gas stocks.

The industry is expected to make capital investments of $42 billion in 2010 and $44 billion in 2011, more than any other industry. That $86 billion is invested to grow and enhance the industry, right across the country.

Canada-wide Benefits
These are really big numbers, but what’s even more impressive is that the oil and gas industry adds value right across Canada. More than half of the service sector’s GDP contribution  (52%) and employment (54%) comes from activities and industries located throughout the country.  That means everyone benefits!