Our Economy

The world has changed. And the world continues to adjust after the global recession. Commodity prices remain volatile and highly dependent on world markets. And, increasingly, alternate sources of energy are becoming a larger part of Canada’s energy mix.

We’re looking ahead to determine how our province, our industry and our economy can adjust to ensure that Alberta remains a world-class destination for people, businesses and investment.

In the late 1940s, the United States became a net importer of oil, relying on foreign oil imports to make up the gap between domestic supply and demand. Alberta’s oil sands and Canada’s energy industry, through technological innovations and large-scale economic development, plays a major role in helping the U.S. meet its energy needs. Canada currently sits at the top of the list of foreign suppliers to the United States, providing about 1.9 million barrels per day of oil, or 21 per cent of total U.S. imports. About one-half of the 1.9 million barrels per day comes from the oil sands.

The important trade relationship with the U.S. and highly volatile commodity prices hold many implications for Alberta’s economy. We learned some important lessons from the global recession and are taking steps to improve global trade with emerging markets, as well as fostering a strong and healthy relationship with the U.S.

We have enormous potential to be the kind of place that can attract and hold investment—infrastructure, experience, history, and energy (people and resources). To realize this potential, we need to compete for investment and deliver on performance.