Interim federal Liberal Leader Bob Rae says Canadians need to understand how important Alberta’s oilsands are to the country.

Rae is visiting Fort McMurray and touring the oilsands after making a stop this weekend at the Calgary Stampede.

He says the oilsands provide a “tremendous” benefit to all of Canada.

But, Rae also says the developments must be regulated properly by both the federal and Alberta governments.

The Liberal leader says most observers of the development say compared to the world, Canada is behind in terms of regulation.

However, Rae adds both Alberta and Ottawa are acknowledging that there’s a need to catch up and that governments need to do their jobs as well.