Mr. Chair, I will be splitting my time with the member for Edmonton Mill Woods.
I have been a proud Albertan and Calgarian since 1970 and have lived through the boom and bust cycles of the energy industry.
Alberta's energy resource sector is a source of high-quality and well-paying jobs, not just for many Albertans but for many Canadians who come to our province to live and work. That means there are an estimated 190,000 direct Canadian jobs linked to the energy industry with countless other indirect jobs that depend on the industry. These are fellow Albertans and Canadians who face financial insecurity at the moment international oil prices drop.
We must remember that oil is an international commodity. When prices are high, Albertans and Canadians thrive but every time we see boom and bust it is the international nature of the market that has devastating consequences on the lives of everyday Albertans.
Our boom first began in 1973, causing prices to soar from $3 to $15 U.S. per barrel. The sector proved to be an excellent source of well-paying jobs but demonstrated to be very volatile. By the 1980s, the price of oil was well over $30 U.S. a barrel. Again people flooded into our province to take advantage, again unemployment evaporated, again housing prices skyrocketed, and again everyone profited.
By 1982-1983, the Alberta energy sector again collapsed and everyday Albertans and Canadians suffered the consequences. Unemployment in Alberta rose from 4% to 10%. I invested in real estate during these good times but paid a heavy price like lots of other Albertans.
I am a certified welder and I also lost my job during that time. I could not afford to pay my bills and my family lost their home and everything. I worked as a taxi driver to keep food on the table. It took my family over a decade to recover.
In the early 2000s, the price of oil began to rise again and the cycle continued. Prices climbed from $30 to $150 U.S. a barrel in 2008. That year saw a 70% reduction in the price of oil and it returned to $31 U.S. per barrel. After 2009, the prices began to rise again, but this was short-lived.
The energy sector crashed again in 2014. Alberta unemployment shot up to 10%, but this time our government provided Albertans with historical investments to help with the recovery. Our government increased time for employment insurance for Albertans, adding an extra 20 weeks for a total of 70 weeks to those who had never claimed employment insurance in the past. Our government has provided over $250 million in stabilization funds, $240 million in university research funding, and continues to invest in infrastructure with a total of 127 projects in Alberta worth over $4.2 billion. There has been more funding invested in infrastructure in the last year compared to the previous five years combined. We approved two new pipelines, which will create an estimated 27,000 jobs in Alberta alone by ensuring we protect the environment while growing our economy.
Our government's investments and confidence in Alberta has led to a return of private capital investment in our province.
Wood Mackenzie estimates that oil and gas companies will be doubling new project developments in 2017.
Canada's oil rig count has more than doubled from 81 to 193 since early January. This is well above the 126 oil rigs that were active in Canada at the same time last year.
Alberta's GDP is expected to grow by 2.3% in 2017, due in large part to rising oil prices and production. The Conference Board of Canada recently outlined 2017 will see Alberta begin to recover. Oil prices averaged $52 U.S. in January 2017, compared to $31 U.S. in January 2016, with estimates this trend will continue.
These times have been tough on my fellow Albertans who work in the energy sector and their families, but our government is working for them. We have their back.
To my fellow Albertans and the party opposite, please work with us, do not be skeptical. Our government is working hard to create a more prosperous Alberta and a more prosperous Canada.