Canada's energy minister: Regulate faster TORONTO, Jan. 30 (UPI) -- Canada needs a streamlined regulatory system to attract the full investment potential for its natural resources, the natural resources minister said. Canadian Minister of Natural Resources Joe Oliver, in an address before the Economic Club of Canada, said energy and mining projects in the country represent as much as $500 billion in potential investment during the next decade. This meant the government needed to streamline its regulatory mechanisms to realize full potential. "To ensure the responsible development of our natural resources, Canada needs a modern, predictable and rigorous regulatory system," he said. We believe reviews for major projects can be accomplished in a more timely and predictable fashion, without compromising environmental protection. He said the natural resource sector was a major part of the Canadian economy, contributing $140 billion to the gross domestic product in 2010. Most sectors of the Canadian population, including aboriginal communities, reap the benefits, Oliver added. Canada is a major exporter of crude oil, though much of that comes from so-called tar sands projects in Alberta. Aboriginal and environmental groups say plans to deliver Alberta crude oil through pipelines to the west coast would harm the region's ecosystem.