Canadian church leaders head to northern Alberta tomorrow to explore the theological, moral and ethical implications of the oilsands.

The clergy aren't the only people interested in the oilsands this week.

Down in Washington, D.C., one of North America's top energy research consultants will testify before the U.S. Congress on the importance of the oilsands to future energy supply.

Canada now supplies 19% of U.S. energy needs, but if oilsands production is accelerated, that could rise to 37%, according to a new report by IHS Cambridge Energy Research Associates (CERA).

That in turn would translate into an injection of billions of dollars into the Canadian economy. Alberta isn't the only province that benefits. This massive industrial project creates a national demand for jobs, technology and manufactured goods.

The enormous tax revenue generated by all this activity benefits everyone.

While CERA is pumped on the oilsands as "an immense resource in North America," it shares some of the concerns of the earnest church leaders about greenhouse gases, land and water use. Declining oil prices have postponed more than 70% of proposed oilsands projects. Stringent regulations being pushed by some in the Obama administration could have a drastic impact on the amount of oilsands crude running down the pipe.

That would be economic bad news for both countries.