Historically, the BC economy has relied heavily on fishing and forestry. Recent downturns in both have therefore renewed interest in offshore oil and gas development by the provincial government and coastal communities.

It is estimated that over a 30-year period, the annual revenues to BC through offshore oil and gas production would be as $3 billion US directly from production and $15 billion US in total “downstream” benefits. This estimate however is based on the highly speculative data measuring the basins’ supplies. If this is accurate though, oil and gas would become the 2nd largest industry in the province, behind tourism at $8.3 billion but ahead of forestry and logging at $2.2 billion.

The above figures assume that the oil and gas resources will be developed as a fuel in the conventional way. Some energy specialists have also suggested that crude oil should be developed for non-fuel purposes including plastics and other sectors of the chemical industry. Natural gas, on the other hand, should be developed for new fuel cell technology or purposes associated with a “hydrogen-based economy.”

Through this alternative resource development, it is argued that BC could become a world leader in the much-debated “new world economy”, which would be more sustainable and less volatile than the traditional oil-based economy which has posed so many problems over the past 60 years.

Whichever way the resource is developed, if the offshore oil and natural gas proves plentiful, that drilling for oil and gas off the West Coast will have largely positive effects on BC’s economy.

The benefits include: