Thank you.
I wish I were...had lots of the members here.
I mean, we've looked at them. I've tended to look at the policies in a fairly simple way. For instance, what kind of target, or allocation, for the industry is anticipated? What kind of price of carbon do we have? What's the gap between our emissions and the allocation? If you multiply that by the price, that gives you the dollar per barrel. When you multiply it up, you get the tens of millions of dollars of costs. Obviously, depending on the circumstances of the industry in terms of the prices for its commodity in the marketplace, the cost can be significant and affect investment in a big way. It can be less significant if we have high prices, as we had a year or two ago.
I don't have actual numbers for you here, but there are alternative places to invest in the world. One of our advantages in Canada is that we're a good place to invest. We have a huge investment in the oil sands in Alberta in particular, but also in gas supplies.
In particular, though, where we're most exposed on the competitiveness issue is on the upgrading of bitumen and on the production of natural gas. In both of those cases, we have to be comparable to the U.S. in terms of the costs we put on those activities if we don't want to divert the investment into the U.S. to do that upgrading or to produce the natural gas. The gas industry, as you know, is under some pressure right now from U.S. supplies.