St. John's
Oldest commercial street in North America began as a cod fishery; 1992 moratorium killed 30,000 jobs. Oil replaced fish: $8.4B production in 2024. By 2026: Bay du Nord ($14B) could define next era—or hydrogen exports might.
St. John's exists because codfish congregate offshore. European fishermen from England, Normandy, Brittany, Portugal, and the Basque region exploited these waters from the 1500s, using the harbour seasonally before permanent settlers arrived in the early 1600s. The path connecting their wharves became Water Street—the oldest commercial street in North America. The city appears on Portuguese maps from 1519, labeled 'São João.'
For five centuries, the fishery sustained Newfoundland. Then came July 2, 1992: the federal government imposed a moratorium on cod fishing. Over 30,000 people lost their jobs overnight—more than 10% of the province's population left within a decade. A way of life rooted in half a millennium of history simply ended.
The province rebuilt on oil. Hibernia began producing in 1997; Terra Nova, White Rose, and Hebron followed. In 2024, offshore oil generated $8.4 billion—18% of provincial GDP, exceeding mining, fishing, and forestry combined. The three operating wells produced about 200,000 barrels daily, down from 250,000 in 2019, but royalties still contributed $1.59 billion to the 2025 provincial budget. The ocean economy now employs over 37,000 people and contributes $16 billion to national GDP.
By 2026, St. John's faces the question of what comes next. The Bay du Nord project—a $14 billion deepwater development 500 kilometers offshore—could open a new basin and shape the province's energy industry for decades. Whether that future includes hydrogen exports or whether St. John's remains tied to fossil fuel extraction will define the easternmost city in North America.