Oil and companies such as Husky Energy Inc. and Suncore Energy Inc. focus on project development and have proven natural reserves. According to experts, production will double during the next 20 years. Companies will use new technologies such as in-situ, with drilling gradually replacing mining. The good news is that these developments will lead to an increased energy security in Canada and the U.S. At the same time, many companies invest heavily in oil and gas extraction, and economic diversity may suffer. Other manufacturers specialize in machinery and equipment used by oil and gas producers. Some fear that high oil prices will lead to inflation, which will have a negative effect on export. On the good side, refineries in the States and the U.S. Gulf Coast, in particular, seek an increased crude oil supply. There is an opportunity for further expansion which will boost economic growth.
Infographic courtesy of Oilweek
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