Abstract
Working with data at the industry level, this paper provides an analysis of the effects ofchanges in Canadian oil and gas policy during the last two decades. Effects on the oil and gas industry's financial position are examined by comparing appropriately defined scenarios run through a simulation model of the Canadian economy that includes a detailed representation of the industry in Western Canada. Information on drilling activity and exploration expenditures is used to assess the federal government's attempt to shift such activities from conventional to frontier areas by way of fiscal incentives. Lessons to be learned from a quantitative overview of the changing policy regime in the oil and gas industry are set out in the last section of the paper.
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