Thank you for that challenge. I appreciate that.
What we've heard from every witness, even those who support Bill C-311.... Some of the environmental groups said they acknowledge that a harmonized approach with the United States, because it's our number one trading partner, would be the preferred way to go.
There was a logic in Europe for why 27 European countries, all with different abilities and some uniqueness, came together with a European target and a European commitment. Canada and the United States together have a harmonized approach and a continental target. We came up with our target of 20% absolute reduction two years ago. The United States has adopted a very similar target, which President Obama will be taking to Copenhagen.
The question I would like to ask--and what makes the hairs go up on the back of my neck--is about what the cost of energy will be for Canadians if we adopt Bill C-311. We heard from the witnesses an encouragement that we have to adopt energy prices similar to Europe's. If we're accepting European targets, we'd be looking at $2.50 a litre for gasoline. We heard that the electricity prices in Denmark were six times what we pay. There would be a massive loss of jobs. We heard that it would be a major burden on industry and therefore there would be a loss of jobs. There's a lot of concern.
Is there any truth to that? If Canada were to adopt the European targets, move away from a harmonized approach, and have massive increases in energy prices, what effect would that have on industry, all your industries?
Mr. Lloyd.