Yes, thank you.
There is no doubt that there will be winners and losers as we choose to work in a market-based economy. We've heard examples of some companies that are losing, but if you look at Canadian Natural Resources Limited, their Horizon project is on budget and on schedule, despite many of these market changes.
Shell Canada and Suncor have just announced new expansion projects in the last two weeks; they have demonstrated confidence in it. We've also heard that 15% of oil reserves are in non-OPEC, an incredible driver to continue investment in Canadian oil sands.
I think the key here is to ask whether it is really the responsibility of the Canadian taxpayers to be subsidizing this now mature and very competitive industry. To set limits on development, the most powerful method will be to ensure that the full cost of production is incorporated.
Right now there's an amazing environmental subsidy in terms of air, land, water, and global warming. If we capture those costs and ensure that the oil sands have to compete on a level playing field, that will be a driver to ensure that we're protecting the environment. It's government's role, in my mind, to set the environmental outcomes that are desirable for all Canadians around air, land, water, and global warming. Let companies compete on how best to achieve those environmental outcomes, but it's a requirement to put forth very clear outcomes that ensure protection of the environment.