Of the current generation of oil sands projects, only a handful are what I would describe as value-added. We have the North West upgrader that's just started construction, the latest phase of the Canadian Natural Resources upgrader. Almost everything else is raw export oriented. Part of the problem is that, in the last generation, there was no coordinated approach to development. It was sort of a gold rush mentality. Everyone was building at the same time. They were piling on. It drove up costs. We sort of priced ourselves out of the market in terms of more desirable, value-added development.
What I'm saying is that this low price environment presents us with an opportunity to go back to value-added projects for a number of reasons. First, the construction costs will be lower because the gold rush has ended. Second, I would argue that one of our competitive advantages when it comes to the oil sands is access to low-cost feedstock. Like it or not, bitumen trades below the price of light sweet crude oil. That's always going to be the case regardless of how many pipelines we build. We should just embrace that advantage.