Alberta Payday Loans, Online Payday Loan in Alberta
Alberta - Home of the CowboysAlberta officially became a province in the dominion of Canada is 1905 and is located in western Canada with British Columbia on its western border, Saskatchewan on its eastern border, the Northwest Territories on its northern border and the State of Montana to its south.
Although Calgary is the largest city in Alberta population wise, it is not the capital, which is actually Edmonton. Edmonton is the sixth largest Canadian metropolitan area with a population of over 1 million according to 2008 estimates and is the northern most capital out of all the Canadian provinces. Moreover, Edmonton encompasses a large area which is much larger than that of Toronto however it has an extremely low population density. Economically speaking, Edmonton serves a great purpose as it is the hub for the oil sands project and diamond mining expeditions in the Northwest Territories. Approximately 290km south of Edmonton is Calgary which has a population of 1.2 million (metropolitan area) making it the fifth largest metro area in Canada.
Alberta has one of the highest birth rates in Canada which is attributed to the strong and growing economy. Alberta’s economy is one of the strongest within Canada mainly due to the oil industry however the technology and agriculture industries also play more than a supplementary role. The Gross Domestic Product (GDP) per capita in 2007 was the highest in Canada at almost $75,000, which is over 60% of the national average. This is why Alberta is a major contributor to equalization payments to the “lesser” provinces within Canada.
Not only is Alberta the largest oil producer in Canada, it is also one of the largest producers in the world. Interestingly, Alberta is also a major producer of natural gas, which is transported across North America. The oil sands of Alberta are estimated to have reserves of 1.75 trillion barrels which is equivalent to match the reserves of the entire world. However, for a long time the oil reserves have been left untapped because the extraction method was too costly to make it worthwhile. Now that technology with respect to extracting oil from the oil sands is steadily improving, the oil sands are beginning to be tapped because it is becoming cheaper to extract the oil from the sand. One extraction method that was created in Alberta is called Steam Assisted Gravity Drainage is an efficient way to extract the sand from the oil at a much lower cost than previous methods. As of 2008, there is roughly $120 billion invested in oil sands projects in the Alberta. In relation to how cheaply oil can be extracted from sand, another important factor is the price of oil. In 2008 Canadian’s witnessed unprecedented price at the pump because of the balloon in price in regard to the price per barrel. This increase was an important factor in investing more money because it is becoming more profitable to mine for oil in the oil sands of Alberta.
Interestingly, agriculture is an important aspect of the Albertan economy whereby there are nearly 3.2 million cattle in the province which has perpetuated Alberta being known internationally for its quality of Beef.
Alberta also draws in many tourists from around there world because of the city’s beauty and events. For instance, the Calgary Stampede is a major revenue source for the city of Calgary and there are many sports teams such as the Edmonton Oilers and Calgary Flames for tourists to see.
As the price of oil continues to balloon, one can be assured that so to will the economy of Alberta.