Why Canada Refuses To Exploit Their Gigantic Oil Reserves

Did you know that Canada has the third largest oil reserves in the entire world? With this much oil, you would expect them to have a trillion-dollar oil industry that boosts the economy and GDP of the entire country. But, oil actually only makes a small fraction of the Canadian economy. In fact, there are years when Saudi Aramco’s profits alone are greater than Canada’s oil-based GDP. So, clearly, Canada isn’t looking to exploit their oil reserves like the middle east but why? Well, one of the main reasons Canada doesn’t exploit their reserves is because they can’t really do that economically. The type of oil that Canada has, oil sands, is far more expensive to mine and refine than Middle Eastern oil. Not to mention, Canada has far higher labor costs as well. Aside from the oil not being easy to work with, Canada also doesn’t benefit from a super accessible location like the Middle East. They could overcome this issue by building up a strong oil infrastructure, but this has been constantly delayed by environmentalists. Despite all this, with Russian oil being sanctioned, it’s very possible that Canada rises to be a global oil giant in the coming years, but only if they leverage this opportunity. This video explains the various reasons that Canada does not exploit their oil reserves as much as the Middle East.

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Timestamps:
0:00 - Canada’s Massive Reserves
1:26 - Economical Disability
4:33 - Location Location Location
7:29 - Environmental Havoc
10:02 - A Potential Opportunity

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