As with many oil producing countries, the oil and gas industry is an important part of the Canadian economy. In fact, it is the largest contributor to Canada's balance of trade. Since the oil glut began in 2014, Canada's economy has suffered considerably, particularly in Alberta, Saskatchewan, and Newfoundland and Labrador, the three largest energy producing provinces in the country. Approximately 70,000 jobs have been lost in those provinces since the oil price crashed.
Alberta, sometimes referred to as 'the Texas of the North' is unquestionably the centerpiece for Canada's oil and gas industry. It is the largest oil producing province, producing some 34.2 million cubic meters of crude oil in 2014 from its large oil sands deposits of crude bitumen. It is also the largest natural gas producing province in Canada by far, producing 121.3 billion cubic meters of natural gas in 2014. A large share of Canada's approximately 440,000 people employed directly and indirectly by the oil and gas industry work in Alberta. Saskatchewan also produces a significant amount of Canada's crude oil, as the second-largest crude oil producing province. While British Columbia produces the second-largest amount of natural gas in Canada, it produced less than half of what Alberta produced in 2014.