Natural Resources committee  I can take a crack at that one.

Natural Resources committee  Thank you. I think the first important point is that the price of oil is clearly not set in Canada. This is part of a global market, and the price of oil is determined by global factors. I would submit the view that the more supply that is available to consumers, the more choices that are available, the more likely it is that prices will stay at a more affordable level.

Natural Resources committee  I can't comment on that specific point, because I don't know the context in which he was talking about it. Like any product, I think it's important that there be a balance between what's attractive to the consumer and what's attractive to the producer. We have to try to find that price level that works for both in the market.

Natural Resources committee  There are consultation guidelines in place today, as I think you are aware—

Natural Resources committee  I think there are two aspects of that. One is that we would certainly agree that clarity on consultation requirements would be helpful. Second, accommodation is a more complex issue, as I'm sure you understand, that involves both the role of industry and the role of governments.

Natural Resources committee  Maybe I could start, and Mr. Lambert and Mr. Wright can add. I believe there are three opportunities to reduce greenhouse emissions from the oil sands. Mr. Lambert already referred to the 40% reduction in greenhouse gas emissions per barrel since 1990. That's significant. Frankly, it's far greater than what's been achieved on the downstream use over that same period of time.

Natural Resources committee  Thanks for the opportunity to comment on that point. We're familiar with the study that's been put out. Our observation of that study is that it has been written from a particular perspective that does not represent a balanced view. There are some very fundamental errors in the study, frankly, in terms of highlighting tax deductions that are represented as being unique to the oil and gas industry but that are, in fact, applicable to other industries.

Natural Resources committee  There are a few comments I would make. First of all, industry does go to some lengths to try to ensure there is effective consultation and engagement with aboriginal groups. I personally believe, having worked at Shell for a long time and having been engaged with the Fort McKay First Nation, that the engagement with that group goes well beyond simply jobs.

Natural Resources committee  Thank you. There are a couple of comments I would make. First, industry does believe it has a robust monitoring system in place. Having said that, we must be open to, and we should be open to, improvement in that. What we've said very clearly is that with the third-party review process that is under way—we would have preferred that it be one review rather than two, but we have the two different panels in operation—if they advise us and highlight that there are opportunities to improve that, then clearly industry needs to take that on board.

Natural Resources committee  Good morning, Mr. Chairman, and members of the committee. Thank you for the opportunity to present the views of the Canadian Association of Petroleum Producers on what I think is a very important and timely study you're doing on energy security in Canada. I believe you have a copy of our submission, so I'm just going to try to hit the highlights.

Finance committee  I think Mr. Lord said it very well. We would share that view completely.

Finance committee  Yes, it's specific to natural gas. It does not include any consideration of oil, either as oil sands or otherwise.

Finance committee  My response, Mr. Chair, is that we're well served to have a natural gas price in North America that works for both consumers and producers. Given the job creation, economic benefits, and so on that flow from production of natural gas in Canada, it's important that we maintain a healthy and competitive industry here.

Finance committee  Which? Is the tax treatment....?

Finance committee  I can tell you very specifically that if you take a natural gas well drilled in the United States and compare it with a natural gas well drilled in Canada, the same type of well, it is less competitive in Canada to drill it. Unless we get our cost structure and our tax system into a position such that we can be competitive with our neighbours to the south, Canada is going to lose market share and we're going to lose jobs and economic benefit—