Thank you, Mr. Kelly.
Yes, that was a blow yesterday for Canada on many fronts—jobs, investment, and so on. It is instructive to look at the letter that TransCanada sent to the NEB with their notice of withdrawal from the project. They're pretty clear about what drove their decision.
The narrative that energy east was treated exactly the same as the other projects in the review process is not quite true. I think it was a big surprise when the panel came out and spoke about upstream and downstream emissions in a way that was really outside their jurisdiction. That was not the narrative that was put forward during the other pipeline reviews, and I think it's wrong to say that there was a total equivalency there.
The decision by TransCanada is just one example of this regulatory uncertainty that is impacting the industry negatively. This is an industry that drives a lot of the Canadian economy, and this uncertainty is driving investment away. Yesterday was just another example. We lost 15 billion dollars' worth of investment in this country yesterday. That's a problem. I think we really need to come to grips with that. Rather than trying to parse what the cause was, let's look at solutions.