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Alberta rush: You ain't seen nothing yet |
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A major new study that shows Alberta is set to reap a $1.4-trillion
bonanza from its oil sands by 2020 could spark a bigger rush to emigrate to that
province. Alberta sits on the world's second largest crude oil deposit
after Saudi Arabia.
Ontario and British Columbia currently attract the majority of
newcomers to Canada, but that could change in the near future with the
red-hot economy set to get even hotter in Alberta.
Calgary-based Canadian Energy Research Institute forecast Alberta oil
sands will generate about 3pc of the country's gross domestic product
by 2020, according to the study. The sector now represents 1.5pc
Canadian GDP.
Canada has some 179 billion barrels of reserves in Alberta's oil sands,
but because of the high extraction costs, the deposits were long
neglected, except by local companies.
Since 2000, skyrocketing crude oil prices and improved extraction
methods have made it more economical to exploit the sands and lured
international oil companies such as Total, Shell and ConocoPhilips.
Some of the benefits will be spread outside of Alberta, especially in
the areas of government revenue and employment. the study says. But
based solely on gross domestic product generated by oil sands activity
and expansion, Canada's richest province is the jurisdiction that will
grab most of the riches springing from the gooey black mud surrounding
Fort McMurray, it says.
Alberta's winters are harsh - even by Canadian standards - which is why
it is not the first choice of many immigrants, most of whom come from
warmer climes. The prospect of good job prospects and high income could
well make many change their minds.
Related: Where to Settle
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