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Despite concern about the low price for a barrel of crude today, oil sands production is projected to almost triple by 2025.
The Canadian Association of Petroleum Producers says what's good for the oil industry in general and the oil sands in particular is good news for the rest of the country. The latest CAPP forecast projects production from the oil sands will increase from 1.6-million barrels per day now to five million barrels in 2025. That will more than make up for flat expectations for conventional crude production.
The only downside is increased production also adds urgency to finding ways to get the oil sands crude to markets outside Alberta. CAPP Vice President Greg Stringham says the good news about oil sands activity comes from jobs being created and more revenue being generated for governments.
barrels of detail here: