ATB remains positive about Alberta’s future while acknowledging the obstacles that exist in oil production.
In a release, ATB says that while the province’s oil industry is not disappearing, there needs to be some change as the global economy shifts away from oil production.
“Several major oil pipeline projects have been cancelled. The large-scale adoption of electric vehicles — while still just a dot on the horizon — is becoming more realistic. It will take time, but the clock is ticking and global oil consumption could start to plateau or even come down,” ATB states.
ATB indicates that growth in different industries, like clean energy technology and petrochemicals will still be related to oil and gas.
“Some, like renewable energy, will complement oil and gas in the province’s energy portfolio. Some will build on other sectors such agriculture and agri-food, tourism and health services,” ATB says.