The Canadian petroleum industry arose in parallel with that of the United States. Because of Canada's unique geography, geology, resources and patterns of settlement, however, it developed in different ways. The evolution of the petroleum sector has been a key factor in the history of Canada, and helps illustrate how the country became quite distinct from her neighbour to the south.

Canada has the tenth largest economy in the world (measured in US dollars at market exchange rates) is one of the world's wealthiest nations, and a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8).