Canada has proven oil reserves of $14 trillion. Petroleum and oil are vital for every country as they are used for power generation, heating, transportation, and asphalt oil. It may come as a surprise, but oil is used to make hundreds of products that make our lives easier. From flight bags and parachutes to stuffed animals, hair rollers, and chop sticks – people need petroleum. Even aspirin contains petroleum. It is also used in the cosmetic industry, and there is oil in eye lashes.
Crude oil drives economic growth. In fact, production makes for about 5 percent of the GDP of Canada. Millions of people are employed in companies that are involved in oil extraction. Scientists develop new technologies and methods that will increase the recovery rate. This will add to Canada’s reserves, which play an important role in the national and global economy.
Infographic courtesy of Visual Capitalist
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