Oil and natural gas are central to Alberta’s economy because the province contains most of Canada’s known fossil fuels. Alberta produces most of Canada’s natural gas and crude oil and about half of its coal. Major heavy crude oil and oil-sands deposits are developed near Lloydminster, Cold Lake, and Fort McMurray. Changes in world oil prices can strongly affect the province’s economy, while oil and gas development has also supported construction, manufacturing, and population growth.
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