Why Oil Rich Canada is Not Money Rich?

Canada has the third largest oil reserves in the world, but when we think of Canada, we don't think of Saudi princes, lamborghini police, or at the very least oil. Canada is in fact one of the largest players in the oil industry with 40% of US oil imports coming from Canada, but why is Canada not flamboyantly rich like the Middle Eastern oil rich countries. This video describes differences between the oil industry in Canada and the Middle East and why Canada's plentiful natural resources haven't brought them a fortune from producing oil products like gas, petrol, and diesel.

Timestamps:
0:00 - Canada has a lot of oil and natural resources
0:43 - Canada is not dependent on oil at all
1:29 - No government involvement in oil business
2:44 - Sky high royalties and taxes in the Middle East
3:26 - Why royalties are more effective than taxes
4:03 - Where $100 of oil revenue goes in Canada vs the Middle East
5:09 - Canada has minimal vertical integration
5:58 - Canada mainly has heavy crude oil or tar sands
6:54 - Canada chose not to become rich like the Middle East
7:25 - Middle Eastern countries had no choice but to exploit oil
8:31 - Canada had no need or want to exploit oil
8:52 - Deep wealth inequality in the Middle East
9:41 - Canada has much better wealth distribution
10:01 - Conclusion and overview

Sources:
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https://bit.ly/30RJc1Z
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https://bit.ly/2JNysvL

Music:
Music Info: AShamaluevMusic - Cinematic Orchestral.
Music Link: https://youtu.be/pHsHRSo78yQ

Music: Ansia Orchestra - To The North
Link: https://youtu.be/tgo245SSbE4
Music provided by: MFY - No Copyright

Music: Ansia Orchestra - Mercury
Link: https://youtu.be/E3--ZT1Bdns
Music provided by: MFY - No Copyright

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