The Oil sands surrounding Fort McMurray represent 166 billion barrels of oil or 97% of Canada’s oil reserves. These reserves are the third largest oil reserves in the world and are large enough to constitute 10) of the world’s proven oil reserves. Fort McMurray is the urban service area for the Regional Municipality of Wood Buffalo (RMWB). RMWB has a permanent urban population of 76,006 (2021), and with the shadow population consisting of oil sands project accommodations and hotels, the population swells to 106,059 (2021) people. The average household income in RMWB is $229,518 (2021), which is 2.4 times the national average. RMWB residents are also more youthful and enjoy more disposable income than the average Canadian, making Fort McMurray an exceptionally strong retail market.
