ADMS 1010 Lecture : Week 8 - Natural Resource Industry [p2]
Document Summary
Production at the oil sands began in 1967. Due to the difficulty of extraction and a declining price for oil, development was slow until the 21st century. The 3rd mine began operating in 2002. Today, 47% of all oil production in canada comes from the athabasca oil sands. If production continues to grow, canada should be the 4th largest producer of oil by. The oil reserves at athabasca are considered to be unproven. Economic activity in canada is localized: 40% of economic activity in canada occurs in ontario, the majority of manufacturing occurs between windsor and oshawa, the financial services sector is headquartered in toronto. Equalization payments: currently at . 7 billion a year. This 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 disparity.