The economy of the RM of Gull Lake is based primarily on oil, gas, farming and ranching. The 2022 assessment by property class percentages are: Commercial/Industrial 45%, Elevators 8%, Railway/pipeline 2%, Agriculture 43% and Residential/Seasonal 2%.
CCS Energy Services established a treatment, recovery and disposal site as well as a landfill waste management facility in the municipality. This facility treats, recovers, and disposes of all upstream petroleum wastes. The facility also provides emulsion treatment, water disposal and tank and truck washing services. The class two engineered landfill is a long-term solution for disposal of oil field waste solids and contaminated soil. The landfill is designed, constructed and operated to exceed the highest industry and regulatory standards. The recent establishment of the Imperial Oil Supply and Distribution Centre for the Southwest was a welcomed addition to the municipality as well.