Canada's Oil Sands: It's Time to Awaken the Sleeping Giant
Publication:
The Empire Club of Canada Addresses (Toronto, Canada), 8 Dec 1994, p. 525-538


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Canada's Oil Sands: It's Time to Awaken the Sleeping Giant


The potential of Canada's oil sands. A subject that simultaneously provokes concern, fear and hope. Hope that we take advantage of the tremendous opportunity for prosperity and wealth creation that is possible if we can summon the will to unlock the potential of the oil sands. Time to awaken the sleeping giant. An industry which has a production and distribution network spanning a large continent, and one which has been profitable from the word "go," and whose economic impact touches communities from coast to coast: that is what Canadians have achieved over the past 30 years with the development of the oil sands, and it "pales in comparison" with what is attainable in the next 30 years. Still many skeptics. Details of the success of the mega-projects. The profits of Syncrude. Major new investments by Suncor, Imperial Oil, and Amoco. Reasons why the general public has not heard of such success by oil sands operators. The expansion of Canada's oil sands as a job and wealth creation opportunity of tremendous scope. The release of the final report of the Oil Sands Task Force of the Alberta Chamber of Resources early in 1995 which will show why the oil sands should become a fundamental part of Canada's economic and energy strategy. Three questions: What is the current status of our industry: What could it be? What kind of oil sands development do we need? A discussion which explains the speaker's four primary reasons for believing that the oil sands development should be a fundamental part of Canada's economic development strategy for the rest of this century and into the next. Why more major projects aren't being built now. The socio-economic benefits of oil sands development. What is needed for development to proceed. What stands in the way of further oil sands development. Canada's choice to secure our energy future, and thereby our economic future.