The total support for petroleum in fossil fuel production in Canada is forecasted to decrease from $417.21 million in 2024 to $306.73 million by 2028. Compared to 2023, when actual values were higher, there is a consistent downward trend projected over five years. The year-on-year decrease indicates a decline of approximately 6.65% from 2024 to 2025, 7.13% from 2025 to 2026, 7.60% from 2026 to 2027, and 8.13% from 2027 to 2028. The overall compound annual growth rate (CAGR) over this period would signal a yearly reduction of about 7.61%.

Future trends to watch for include:

The impact of global energy transition policies on fossil fuel support.
Technological advancements in renewable energy reducing reliance on fossil fuels.
Fluctuations in global oil prices that could affect investment in fossil fuel production.
Government policy changes targeting reductions in carbon emissions.