Environment committee  Again, I'd reiterate that there are multiple components. I like the comments Chris made, that even just a strong signal from Canada to acknowledge the contribution this industry has made—to acknowledge that this industry has been very responsible environmentally and socially and will continue to be so—would go a long way to restoring confidence.

Environment committee  I'm not trying to be evasive. It's not that easy. We're still understanding the implementation of that. On the current state of implementation and clarity on how some of the carbon policies across the country will be implemented, I would say we're at very high risk of leakage of carbon outside of Canada, so the resource won't be produced in Canada but will likely be produced in a jurisdiction that has no carbon policy.

Environment committee  Sure, I'd be happy to provide just a couple of examples. As a former regulator, I've worked with virtually every jurisdiction in the world that produces oil and gas, and I can say quite confidently that Canada has some of the most stringent environmental requirements on the planet.

Environment committee  Commodity price affects everybody in the world, and the North American market certainly has its own price regime, which is a little lower than the global market, which is why we're so interested in market access. Global investment is up in the oil and gas sector. It's up in the U.S. substantially: 18%, I believe.

Environment committee  The costs in 2014 were very different from the costs today. Costs have been reduced by 30% to 40% across our industry. Our costs are very competitive. Yes, in the more northern regions it is slightly higher, but I think it can still be competitive in the end. My point is that we are seeing increased investment in other jurisdictions.

Environment committee  As Chris said, CEAA 2012 wasn't perfect either. We didn't have a lot of projects moving through on the upstream side. It had some of the same elements that created uncertainty in the process. It did have timelines. We did see the governments and the agencies working closely to try to stick to those timelines.

Environment committee  Again, further to my comments to Ms. Duncan, we're not here to say that Bill C-69 is at the root of every problem. We acknowledge that. What I will say is that, overall, compared to other jurisdictions, Canada has a history. I think my colleague, Chris, highlighted the fact that there are a number of policies that all have a potential negative effect on the competitiveness of our industry.

Environment committee  I would agree with you that there are a number of factors affecting the competitiveness of our industry and the ability to attract investment. What I would say is that it's not true that investment isn't being made in other jurisdictions. It is, in fact, and I would argue that many of those jurisdictions—the U.S. is a good example, for the Permian Basin in Texas where there is no climate policy—that investment is going crazy.

Environment committee  Largely, in Canada, yes. The TSX at its highest point was probably 25% oil and gas weighted.

Environment committee  The industry probably contributes more to this country and to governments in this country than the next two or three combined. You will not find another industry that contributes more to the economy in terms of taxes, royalties.

Environment committee  I don't believe that, broadly, Canadians have lost as much trust as might be suggested at times, but having said that, the trust of the communities that we work in is vitally important to us. You have to understand that, not only do we develop resources in and around those communities, we live and work in those communities.

Environment committee  I would be happy to. Thank you. Good afternoon, honourable chair and members of the committee. My name is Terry Abel. I'm executive vice-president with the Canadian Association of Petroleum Producers. Joining me today are Mr. Paul Barnes, who is the director of our Atlantic Canada and Arctic offshore, and Patrick McDonald, who is director of climate and innovation.