Mr. Speaker, it is a pleasure for me to rise in the House today to speak to this issue and set the record straight on a number of these issues.
I would like to thank my colleague the member for Sarnia—Lambton for her excellent speech and her excellent answers to the questions. Her riding of Sarnia—Lambton and my riding of Wetaskiwin share many commonalities, including great petrochemical refineries and those kinds of installations, as well as the oil and gas sector and all of the well-paying jobs that this part of the economy supports.
I am glad to be here to set the record straight on this important matter, raised by the member for Drummond. As most members know, Canada possesses one of the largest and most diverse energy supplies in the world. As an Albertan, I know this. Canada is the world's fifth-largest producer of natural gas, with technically recoverable resources estimated to be up to 1.5 trillion cubic feet. Canada is also punching above its weight when it comes to clean energy. It is the third-largest producer of hydroelectricity and the second-largest producer of uranium in the world.
However, of all our assets, perhaps none is more important to Canada than its vast oil reserves. Canada is the world's fifth-largest producer of oil, with the world's third-largest proven reserves. There are 173 billion barrels, of which 167 are in Alberta's oil sands. That is not the best news. As technology evolves, Canada's oil sands reserves could nearly double to over 300 billion barrels to become the largest oil reserve in the world.
As members know, natural resources are a huge part of Canada's economy. When we take direct and indirect impacts into account, the natural resource sector represents approximately 20% of Canada's gross domestic product, and energy resources are a huge part of that equation. Canada's oil sands are creating jobs and wealth right across the country. This strategic resource has attracted more than $215 billion in capital investment and, of that, about $175 billion is in the last 10 years alone.
While Canada's endowment of petroleum resources is immense, we have only one major customer, which is the United States. In fact, Canada currently exports nearly 100% of its natural gas and oil exports to our friends and neighbours south of the border.
The United States is now becoming awash in energy resources, and it is poised to become a net energy exporter itself. New energy discoveries have reshaped domestic production in the U.S., driving down the demands for Canadian energy resources. That is something that we just did not fathom here a few years ago.
While Canada will continue to be a key supplier to the U.S., there is a strategic imperative for our country to access new and growing markets. The growing demand for oil and gas and other resources in new markets such as China and India represent a once-in-a-generation opportunity for Canada.
The International Energy Agency now predicts that by the year 2035, the world will need a third more energy than is currently being consumed today. Non-OECD economies are forecast to account for over 90% of that energy demand growth, with China and India alone accounting for 49%. The world will need more oil and natural gas to drive global economic growth. It will raise living standards and lift millions out of poverty in these countries, and Canada is a safe and responsible supplier of energy.
Right now, the opportunities for growth are unlike anything we have seen in our history. According to analysis by Natural Resources Canada, there are hundreds of major resource projects currently under way or planned in Canada over the next 10 years. These projects represent a total investment of up to $675 billion. Our government wants to ensure that every dollar of that potential is realized.
Expansion and diversification of our energy markets, both within Canada and globally, is a top priority for the Government of Canada. The Conservatives recognize that without the infrastructure needed to move our energy products to tidewater, our oil will be stranded. That is why we need to build pipelines going west, south, and east.
The numbers tell the story. In 2012, 82% of crude oil delivered to Atlantic Canada refineries and 93% of crude oil delivered to Quebec refineries was imported from countries like Saudi Arabia, Algeria, and Angola. Our government welcomes, in principle, the prospect of transporting Canadian crude to consumers and refineries in eastern Canada and, ultimately, to new markets abroad. Perhaps most importantly, it would make our country less reliant on foreign oil.
Our government has been clear that projects can only proceed if they are safe for Canadians and safe for the environment. That is precisely what responsible resource development is all about. It sends a clear signal that the Government of Canada is determined to protect public safety and the health of the environment based on sound science and world-class standards.
Looking at our record, we see we have instituted strict rules and regulations governing the development and shipment of products like oil and gas. All federal pipeline projects are subject to an independent and rigorous environmental assessment by the National Energy Board. We have also given the National Energy Board the necessary resources to increase annual inspections of pipelines by 50%. The board is also doubling the number of annual comprehensive safety audits to identify pipeline issues before incidents even occur.
Equally important, the National Energy Board now has the authority to impose substantial financial penalties on companies that do not comply with safety and environmental regulations. It can levy fines of up to $100,000 a day for as long as the infractions go unaddressed. However, we are not stopping there. We have announced plans to give the National Energy Board even greater authority, so we can strengthen incident prevention, preparedness, and response and liability and compensation.
Here is the bottom line. As I said, our government will only allow energy projects to proceed if they are proven safe for Canadians and for the environment. With our plan for responsible resource development, we have increased our protection of the environment and streamlined regulatory reviews. We have enhanced pipeline and tanker safety, and we are working to reach new markets for Canadian energy projects.
Therefore, subject to regulatory approval, our government supports energy infrastructure projects that will create jobs and generate economic growth in Canada now and for decades to come.