Peak Oil News - Macroeconomic Benefits of Canada’s Oil Sands Production

The expansion of oil sands production is likely to have a small beneficial impact on the Canadian economy. The potential gains in export revenues could result in some upward pressure on the exchange rate, but this is not expected to be large enough to significantly affect non-energy exporters. Rising factor demand from oil sands exploration and production would also boost domestic output. However, the anticipated production increases are relatively small on a global scale, and even a growing energy sector will remain only one of several pillars in a well diversified Canadian economy.

IMF