Canada's Place In The World Oil Picture

RIGHT NOW the Canadian oil business is suffering from growing pains brought on by developments outside our borders. I would like, therefore, to place our industry in perspective for you in two ways. I would like first to describe it briefly and let you see it in relation to the world oil industry. Then I would like to bring it back and place it into perspective against a strictly Canadian background. Naturally, in such a discussion, it is necessary to use a certain amount of statistical material. I'll endeavour, however, to keep it to a minimum. Eleven years ago, before the discovery of Leduc, Alberta could boast of having 21,000,000 barrels of crude oil reserves. Five years ago we had 1,810,000,000 barrels. At year end, 1957, our remaining recoverable reserves totalled more than 3,000,000,000 barrels. In 1957, our potential production in Alberta reached an all-time high of 756,000 barrels a day. Unfortunately, our actual average daily production dropped from 393,000 barrels per day in 1956 to 376,000 barrels per day in 1957. And in 1958, to date, it has dropped sharply to around 300,000 barrels per day.