The importance of energy
Energy growth is directly linked to well-being and prosperity across the globe. Meeting the growing demand for energy in a safe and environmentally responsible manner is a key challenge.
In this time of global market uncertainty one thing we do know is that the world needs energy -- and in increasing quantities -- to support economic and social progress and build a better quality of life, in particular in developing countries. But providing this energy around the globe comes with a responsibility and commitment to developing and using our resources responsibly. We are committed to protecting both people and the environment and making positive economic contributions.
For developed nations such as Canada, reliable and affordable energy enables the products and services that enrich and extend life. Energy powers computers, transportation, communications, cutting edge medical equipment and much more.
For developing nations, the need for reliable and affordable energy is more fundamental. It can improve and even save lives. In these countries, reliable energy supports expanded industry, modern agriculture, increased trade and improved transportation. These are the building blocks that help people escape poverty and create better lives.
Today most of the energy the world consumes comes from hydrocarbons, with crude oil being the dominant source of transportation fuels. Even with significant strides in improved energy efficiency, global energy demand is expected to rise by about 25 percent from 2014 to 2040.
All energy production must increase to meet this growing demand from both developed and developing countries. Renewables alone will not keep up with the demand. All sources of energy are needed. This means a rising demand for oil and gas, which given the depletion of existing fields, must increasingly come from remote and difficult areas and unconventional sources like oil sands.
The economic benefits
For more than 60 years, the energy sector has provided a foundation for the Canadian national economy by providing reliable and affordable energy, rewarding jobs, tax and royalty revenues and technological innovation.
Today, every dollar invested in the oil sands creates about $8 in economic activity, with much of that value generated outside Alberta -- in Canada, the United States and around the world.
It’s widely understood that almost every community in Canada has been touched by oil sands development through the stimulating impact it has on job creation and economic growth. Industry-watcher estimates for the next decade say Canada’s oil and gas industry will sustain an annual average of 894,100 to 1,036,100 direct and indirect jobs across the country.
According to the Canadian Energy Research Institute (CERI), Alberta will earn $350 billion in royalties and $122 billion in provincial and municipal tax revenue from the oil sands by 2035.
Our historyCanada, as a country, was only 13 years old when The Imperial Oil Company was formed by 16 oil refiners in Ontario. As Canada has grown, Imperial has grown with it, sharing its prosperity and weathering the tough times.