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Energy Production - Crude Oil

             Energy production is a field that attempts to focus on making available sufficient primary energy sources such as renewable resources (solar, wind, etc.) and secondary energy forms to meet the needs of society such as non-renewable resources (coal, oil, etc.). Energy plays a major role in shaping the human condition. People's need for energy is vital for survival, so it's not unexpected that energy production and consumption are some of the most essential activities of human life.¬†From 2008 to 2040, world energy consumption is expected to rise around 56%. This is driven by Industrialization (particularly in emerging markets), Increasing wealth in emerging markets, (especially in countries such as China and India), and lastly Globalization (because transportation is one of the major energy consumers). This is one of the reasons that energy production is important to Canada's (world's) economy. .
             Importance to Canada's economy: Energy production plays a significant part of Canada's economy when it comes to investment, trade, income generation, and employment. In Canada, economic conditions are influenced by energy prices. To be more specific, the exchange rate can be influenced by the global crude oil, especially in recent years. In the first half of 2008, as the crude oil had increased, the Canadian dollar had appreciated against the American dollar. Likewise, when crude oil prices fall the currency tended to depreciate. The High and Low Cases discover the economic and energy dynamics resulting from different price assumptions. .
             How it harnesses its natural resources: Oil is usually originated under bedrock which is then extracted by drills. The oil is then refined (crude oil). Then we harness the oil, in other words, we use the oil. We use the oil for electricity and wealth.

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