I've just heard the peak used before, and I've heard the arguments about supply and the availability around the world, and about more difficult places in order to get new supply. And I've heard that we can't poke in the hole and have conventional oil coming out, and that we have all sorts of alternatives.
But it was interesting that the testimony by the American oil industry, when it came before Congress, was pretty straightforward about where they thought the price ought to be. In their wildest dreams, I doubt they could have imagined $147, let alone $117 or $118 a barrel.
What I think we're trying to get at around here is whether or not you believe that beyond the issue of scarcity, the market has already factored that into the $90 a barrel as opposed to the $115 or $117. And that difference of 27¢ or 28¢ a litre for every consumer out there is having a devastating impact on the bottom line of the country, not to mention government revenues when they add GST to the increased price of gasoline, which netted the government $1.7 billion this year alone on gas and diesel.