Canadians will use less oil and gas in the future, while pumping more of it than ever before
CALGARY – Canadians will use less oil and gas in the future, while pumping more of it than ever before, a new report from the National Energy Board shows. Canada’s energy and pipeline regulator released its annual energy and power forecast on Wednesday, which painted a divergent picture of the country’s supply and demand for energy wherein the country continues to produce more and more energy while using less.
The report is a forecast of oil, natural gas, nuclear and renewable power sources over time and shows that “Canada is becoming more energy efficient,” NEB chair Peter Watson said during a speech to the Toronto Board of Trade.
The report, titled Canada’s Energy Future, forecasts domestic oil production will grow by 58 per cent and natural gas production will grow 29 per cent between now and 2040, while domestic energy demand grows by just 5 per cent – or less.
In its baseline forecast, the NEB expects “relatively small growth” of Canadian energy demand of five per cent between now and 2040. It also assumes that Ottawa implements a carbon tax as planned.
In an alternative scenario, however, where new energy and technology are adopted at a faster rate amid more stringent environmental policies are in put in place and the carbon tax rises dramatically, Canadians would use 15 per cent less energy overall and 30 per cent less fossil fuels by 2040.