I think the federal government, the provincial government, and industry should look at this low price environment as an opportunity to do what they should have been doing for the past 10 or 20 years, which is to move up the value ladder. Almost all of the current development in the oil sands is what I would describe as “rip it and ship it“ development, designed for raw export. There's no doubt that there was a lot of money being made with that approach when oil was trading at $100 a barrel, but what was being lost was an opportunity to create value here in Canada through the construction of new upgraders and refineries.
On March 10th, 2015. See this statement in context.