The development of these natural resources has been powering much of Calgary’s – and Canada’s – recent economic growth. Natural resource industries – including farming, forestry, mining, oil and gas extraction and related industries – are a key element of the Canadian economy, accounting for roughly one fifth of our gross domestic product.
In my view, this criticism is actually beside the point. While there is a kernel of truth in the argument that the US dollar is currently strong, the United States has, up until recently, enjoyed a very favourable competitive position for almost a decade.