Economics homework help. Research Paper Options
The future Saskatchewan oil market – Option #1
- The mineral extraction, oil and gas sector represents approximately 17% of Saskatchewan’s GDP. The next largest sector is real estate at 10.4% and agriculture at 8.9%. Source: The Government of Saskatchewan Economic Review 2018, Number seventy-two.
- The value of oil produced in Saskatchewan in 2018 was 9,565 (millions of $). Out of a labour force of 570 thousand people approximately 23.5 thousand were employed in the sector. Again, for comparison sake the trade sector employed 89 thousand people; over 78 thousand people were employed in healthcare; 49.5 thousand in construction and 43 thousand in education. Seven thousand people were employed in Saskatchewan’s utilities. Source: ibid
- The oil market can be volatile. This can be because of either demand or supply shocks. This volitivity, given points 1 and 2 above, has a significant impact on the Saskatchewan economy.
- How this volitivity will play out in the long-run is uncertain. However, it is the nature of public policy that one must prepare for the future; one must plan, and set policy, in the face of uncertainly. Economics is the language of policy.
- Given this, your paper will explore the forces (global and domestic) that you think will have the most significant impact/inform the Saskatchewan oil sector. Given what you believe the market is going to look like in, let’s say 15 years, it is your task to recommend an economic policy strategy for the province in order to make sure Saskatchewan is in the most advantageous position possible in 15 years and beyond.