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Week 8 - Natural Resource Industry [p2]

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Administrative Studies
ADMS 1010
Yong Troy

Week 8 Natural Resource Industry ADMS 1010TroyPart IIAthabasca Oil SandsProduction at the Oil Sands began in 1967 Due to the difficulty of extraction and a declining price for oil development was stslow until the 21 centuryrd The 3 mine began operating in 2002 Today 47 of all oil production in Canada comes from the Athabasca oil sandsth If production continues to grow Canada should be the 4 largest producer of oil by 2020The oil reserves at Athabasca are considered to be unproven They are estimated to be between 178 billion barrels and 2 trillion barrelso If the 2 trillion barrels estimate is correct the Athabasca oil sands will hold more than 8 times the oil reserves of Saudi Arabia or more than the rest of the world combinedRegional Economic DisparityEconomic activity in Canada is localized o 40 of economic activity in Canada occurs in Ontario o The majority of manufacturing occurs between Windsor and Oshawao The financial services sector is headquartered in TorontoRemember equalization payments o Equalization reduces fiscal disparities among provinceso Equalization payments enable less prosperous provincial governments to provide their residents with public services that are reasonably comparable to those in other provinces at reasonably comparable levels of taxationo Newfoundland British Columbia Saskatchewan and Alberta not to receive Equalization paymentso Currently at 147 billion a yearThis regional economic disparity is the reason we have equalization payments The diversity of our country its historical development and the allocation of natural resources plays a major role in this disparityRegional Economic Disparity and Natural Resource EconomicsObviously natural resources occur in varying levels across the globeo Ontario is blessed with mineralso Alberta is blessed with oil
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