Thank you very much.
As we look at the Canada-U.S. relationship in relation to natural resources, I think we have to look at the last four years, certainly, due to policy shifts, I would think, from both sides of the border. There was a massive expansion of oil and gas exploration in the United States, to the point where they quickly became a net exporter of oil and gas for the first time. They were no longer as reliant on foreign oil and gas as a result of expansion, specifically in the Permian basin. At the same time, Canada saw a contraction of our energy sector.
Given the new direction of President Biden's administration and a number of signals that he sent, do we anticipate that there will be a contraction in the U.S. oil and gas exploration market that may be beneficial to Canadian oil and gas producers, if they are no longer producing as much? He's talked about a ban on fracking and that sort of thing. Are there opportunities for Canada to be selling our oil and gas into the States more, based on what we're seeing in the early days out of the Biden administration?