Thank you, Mr. Chair.
My first question is for Dr. Leach.
You said that the equilibrium cost of past projects was $75 a barrel and that the equilibrium cost of new projects was $50 a barrel. Say the barrel price remains at $50 for the next five years. In fact, from a global geopolitical perspective, the trend is that there is an oversupply. What would be the impact of sustaining this price on Canada's oil industry, specifically on projects with an equilibrium cost of $75 a barrel?