Canada’s oilpatch is flush with cash — so what are they going to do with it?

The Canadian oilpatch is basking in its most lucrative year ever. Hefty prices for both oil and natural gas that have pained consumers are delivering a bounty of riches for the industry.

That bounty was reinforced over the past few weeks as companies again posted extraordinary profits. While commodity prices have softened slightly, there is a growing consensus that prices will remain above average for some time.

The massive windfall for the industry is having many impacts on the sector as debt levels plummet, shareholders benefit and government coffers in Alberta, Saskatchewan and Newfoundland fill up.

At the same time, the industry will likely have little public support in its opposition to a barrage of new environmental regulations aimed at curbing climate change.

Historically, the largest oil producers in the country were always developing new multi-billion projects to grow their operations. However, as the companies have shifted away from prioritizing growth, there are billions of dollars available to spend elsewhere.