Absolutely. When they're trying to build a business case for whether they're going to invest or not, they aren't going to look at the spot price, in the middle of the Strait of Hormuz crisis today, and say, “Oh, at $100, we can do all of these things.” They're going to look at what they thought was going to be possible in January, what will happen if the strait issue gets resolved. They need to have a very conservative number for what they think oil will be and what they can sell it for in order to decide whether to go ahead with that final investment decision, realizing, of course, that they have to get a return over many years. It's not just one year of an oil shock when prices are high; they have to think, “What will the price and the return be over the next 10 to 20 years?”
Having additional things that Canada puts on top but that our competitors do not is considered a risk, and it gets built into the price. Every time that price goes up, the opportunity for new production and more FIDs gets lower.
No one is saying that we should do nothing, but, absolutely, incrementally—and Professor McKitrick pointed this out—the higher that industrial carbon price goes, the more barriers that go on top, the fewer projects and the fewer jobs we'll get in Canada.