The world is always positioned with one primary resource at a time, whether that resource is the slave market, the gold market, or the oil and gas market. There is no disagreement about the importance for oil in the world economy. But just as the world changes so does its primary desired resource.

According to the International Energy Agency the United States will become the world’s largest oil producing country by the end of the decade. This poses a major threat to the Canadian economy. The oil industry in Canada needs to diversify to markets in Asia as fast as possible in order to remain relevant and maintain the economic health of the country. Canada exports the majority of its oil to the United States; the moment the United States becomes self-sufficient marks the day at which the Canadian oil industry dies.

At the same time the world is moving into greener sources of energy. With the revenue generated by the oil sands, money needs to be invested into expanding other areas of economic development rather than focusing heavily on one resource. Home based energy companies and government need to expand the oil industry and simultaneously invest into tomorrow’s market.

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/north-america-to-be-net-exporter-of-oil-by-2030-iea-predicts/article5188639/