04/07/2016 09:16 EDT | Updated 04/08/2017 05:12 EDT

Canadian Oil Industry Sees Biggest 2-Year Spending Collapse On Record

$50 billion in annual spending has disappeared.

CALGARY — Canada's oil and gas sector is on track to have the biggest two-year decline in capital spending in its history.

The industry's main association says spending on major projects is forecast to drop to $31 billion in 2016.

That's down $50 billion or 62 per cent since 2014, when the industry set a record of $81 billion.

The Canadian Association of Petroleum Producers says that's the biggest drop in records going back to 1947.

"The world will require responsibly produced energy for a long time to come."

CAPP's members produce about 90 per cent of Canada's natural gas and crude oil. Prices for crude have plunged worldwide since late 2014 due to a prolonged oversupply amid soft economic growth and a political push to use less fossil fuels.

The association's president is calling for Canada, as a country, to take action so the industry can compete globally.

"Times are tough today in Canada's oil and natural gas sector, but the world will require responsibly produced energy for a long time to come," said Tim McMillan, CAPP president and chief executive officer.

Photo gallery Celebrities Who've Visited The Alberta Oilsands See Gallery

America Votes
The latest polls, breaking news and analysis on the U.S. election from HuffPost’s Washington, D.C. bureau