The nearby mountain resort towns of Banff, Lake Louise, and Canmore are also becoming increasingly popular with tourists, and are bringing people into Calgary as a result.
Other modern industries include light manufacturing, high-tech, film, e-commerce, transportation, and services.
The period during this recession marked Calgary's transition from a mid-sized and relatively nondescript prairie city into a major cosmopolitan and diverse centre.
This transition culminated in the city hosting Canada's first Winter Olympics in 1988. Thanks in part to escalating oil prices, the economy in Calgary and Alberta was booming until the end of 2009, and the region of nearly 1.1 million people was home to the fastest growing economy in the country.
It is situated at the confluence of the Bow River and the Elbow River in the south of the province, in an area of foothills and prairie, about 80 km (50 mi) east of the front ranges of the Canadian Rockies.