Canada over the past decade has become a very wealthy country due to its oil reserves. By reading the BP Annual Statistical Review of World Energy, we can learn more about Canadian Oil Wealth

[http://www.bp.com/content/dam/bp/pdf/statistical-review/statistical_review_of_world_energy_2013.pdf]

Canada has 174 Billion Barrels of Oil Reserves, and a lot of this is from the Tar Sands in Alberta. [174,600,000,000]

Now with Crude Oil at US$106.59 a barrel a crude value to Canadian Oil Reserves is:

174,600,000,000 x $106.59 = $18,610,614,000,000 = $18 Trillion = £10.85 Trillion.

Today Canada produce 3,741,000 Barrels a day from its oil reserves, that is worth:

3,741,000 Barrels x $106.59 = $398,753,190 = $398 Million a day = £240 Million a day.

Now one can see why The Canadian Dollar is becoming so strong, and with the USA on the door step, the Canadian oil industry has a very nearby consumer.

Incredible to think that it was only 15 years ago that Nortel, was the world’s largest company, whose value was so great that is was 30% of the Toronto Stock Exchange, a name that has sadly vanished, and today, Canada has moved from a telecoms giant to an energy powerhouse.