Mr. Chair, the prospects in Canada's oil fields are bleak in the near term. Capital spending forecasts and drilling activities sank to a 49-year low. This is a result of the temporary collapse in demand for our most valuable commodity and the one that contributes the most to our GDP, our balance of trade, and whose taxes support the social programs Canadians enjoy, $108 billion in GDP, $8 billion per year in government revenues, $77 billion in trade surplus. It is a rude blow to hard-working professionals who soldier past negligent government policies that have left a stain on another generation of western Canadians.
We're talking about an industry here that directly employs over 200,000, including 11,000 indigenous Canadians. We're talking about an industry that contributes 75% of Canada's investment in clean technology. However, Canada's resource industry will still be resilient. Bad policy cannot permanently erase the work, the hope and the pride of forward thinkers and doers, and their efforts to continue building a great country.