Non-renewable energy and the Canadian household

Non-renewable fossil and nuclear fuels have contributed to Canada’s economic growth and to the high standards of living enjoyed throughout the country. Motivated by concerns over price shocks on commodities associated with non-renewable energy, this report provides a general overview of the production, consumption, and pricing trends of oil, natural gas, coal, and uranium, with a focus on the debate surrounding the future availability of oil now that global production of this commodity has reached a plateau. Human physiological needs are reviewed and how these could be affected by price shocks on non-renewable energy commodities is explored in the context of the Canadian household. The report draws heavily upon empirical observations of price trends, with figures constructed using data from the Statistics Canada CANSIM database, British Petroleum’s Statistical Review of World Energy, and the International Monetary Fund Primary Commodity Prices report. A rudimentary econometric analysis is provided to assist in reinforcing the assertions.