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. They are all collectively incrementally adding cost. You can take any one of them and say, “Well, it's 20¢ a barrel,” but you add up five or six of them and it adds up to a dollar a barrel or $1.50 a barrel. You compare that to margins that under the current commodity price environment are very tight. You see the effect that you have: companies that have assets in other jurisdictions look at where they can make a fair return for their investors. Right now, granted, we haven't gotten to the end of the review of Bill C-69, we haven't gotten clarity on a lot of the policies, but what we have is uncertainty and no clear signals that Canada is taking steps to address some of those additional costs.
I think one thing I've always been proud of—and most of my career was as a regulator—is that Canada did have very stringent environmental and social requirements, and our industry was very good at innovating to find ways to continue to be productive and economic with those policies. As a result of innovating them, you're able to move that technology into other jurisdictions, raise the bar in other places. But what we're seeing right now is increasing difficulty being able to bear all of those costs and continue to innovate.
Canada doesn't generate enough capital in and of itself to fund an industry like ours. You heard the numbers. In 2014: $80 billion. I'm sorry, Canada can't do that. It needs to come from foreign investment. When you're competing in a world now with many choices there are many places you can go with your investment. It's not 10 years ago where we had a limited supply of oil and gas throughout the world. I would argue a lot of that investment is going to jurisdictions that don't have the same environmental and social standards. We're not saying, relax those standards in Canada. In fact, we want to celebrate those standards. My opening comments were that we're clearly reflecting that. We think that's an advantage for Canada, but you have to take additional steps to make sure you implement policies in a way that minimizes those costs. Where costs are unavoidable, you have to look to the rest of the world and see what's going to make this industry competitive or not competitive, and then take other steps to address that.
It is unfortunate, but what you're describing are companies that have choices, and, as any good business that has shareholders—maybe even some of you—they're going to places where they can make an appropriate return on that investment.