US Oil Gains Leave Calgary Workers Wanting

Concerns are mounting in Calgary following a new report, "Exporting Profits: Alberta Oil and Gas Workers Fall Behind While American Shareholders Thrive," released by the Alberta Federation of Labour on October 22, 2025. The report reveals a significant disconnect: U.S.-based companies are heavily profiting from Canadian oil, while local workers see limited benefits. Between 2021 and 2024, the "Big Four" oil and gas companies—Canadian Natural Resources, Cenovus Energy, Imperial Oil, and Suncor Energy—majority-owned by American investors holding approximately 60 percent of shares, funneled over $58 billion in profits to foreign owners through dividends and stock buybacks. This substantial wealth largely left the country, doing little for Canadian workers who saw flat employment and stagnant wages during this period.

This news hits particularly hard in Calgary, a city proudly recognized as Canada's energy capital. For Calgarians facing a rising cost of living, where a one-bedroom apartment can average $1,500 to $1,700 monthly, flat wages are a serious pinch. While Alberta's economy is projected for growth in 2025, Calgary itself faces a challenging economic landscape with sluggish job growth and a projected unemployment rate of 7.5 percent, straining its ability to accommodate a rapidly increasing population of job seekers. The report underscores existing anxieties about job security, especially with companies like Imperial Oil preparing to cut around 900 jobs in Calgary by the end of 2027.

This growing economic divide highlights a critical tension between local and foreign economic interests. As Calgary navigates economic diversification and remains a hub for energy innovation, the report urges local stakeholders to ensure the benefits of Alberta's rich resources genuinely stay within the community.