The Heritage Foundation

Offshore drilling: Industry propaganda vs reality

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The myth of oil exploration coming to the rescue of a failing economy:

For years, Newfoundland and Labrador were known for being net recipients of financial aid from other Canadian provinces. As the fishing industry struggled, they steadily lost population.

That all changed in the early 2000s when companies began drilling in earnest along their coasts. Between 1988-2002, offshore bids brought in $900 million; from 2003-2014, bids yielded $2.4 billion.

That's $2.4 billion accumulated over 12 years. That distinction is important, especially in light of Newfoundland and Labrador's projected $1.1 billion deficit for this fiscal year:

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