Thank you.
Mr. Carlton, I appreciate your comments on the Navigable Waters Protection Act. I have 36 municipalities in my constituency.
I have just a quick, little anecdote here. Spring pressure tore out a culvert. This ravine had water in it for perhaps a month a year. Well, the bureaucracy told the municipality that they had to put a bridge there because it was considered a navigable water, which is clearly ridiculous. What made it even more ridiculous was that the estimated cost of the bridge was $750,000, and the total budget of the municipality was $1 million. So we changed the stupid law that did stupid things, like I have just described. I will stand by the changes we made to the Navigable Waters Protection Act any day. It's all about the definition of what a navigable water is.
Also, on municipalities advocating for economic development and resource development, three of us here think that's a good thing, so keep up the good work in that regard.
I would like to direct my next questions to Teck Resources. Pierre Gratton, the head of the mining association, was before us a while ago, and he made the point that, in spite of the fact that commodity prices are increasing around the world, investment in mining and natural resource development in Canada is going down. It's fleeing this country.
You alluded to it, Ms. Risbud, but I think your point was far too mild. The Canadian Association of Petroleum Producers talked about how Canada is losing investments, and they see very little in Bill C-69 that will improve that. Chris Bloomer from the Canadian Energy Pipeline Association made the point that Canada has a toxic regulatory environment. He used the word “toxic” in his testimony, and he said that, if the job is to kill oil and gas production and pipelines, this bill will do a very good job. I noticed on your website.... I know you're not in the pipeline business, but you're in the steelmaking and coal business, so when pipelines are not built, your company and your employees are directly affected.
Can you comment on why investment in Canada is declining? It's in the billions of dollars, 56%, at a time when commodity prices around the world are increasing.