Thank you for the question.
From the oil and natural gas industry's perspective it seems that we haven't had a proper national dialogue on the direction in which we want to go in this country. As I have said, and as Mr. Liepert has said, this has been the economic engine of the country for many years. It has been a huge portion of our GDP, a huge contributor to jobs, to our standard of living, and to well-being in the country. Because of the discussion around climate change, I think oil and gas development appears to be discouraged and therefore, capital investment is being pushed away.
As I mentioned, we develop our resources responsibly compared to the rest of the world. We care so much about the environment that it doesn't make sense for us not to produce our resources and sell them while the world needs them. Our biggest customer—95% of our resources go to the U.S.—has become our biggest competitor, so it is taking less and less of our product all the time. We are selling it to them at at discount, and we are buying it back from them in eastern Canada at full price. It doesn't make sense for Canadians. We are losing jobs, royalties, and many economic benefits because of this.
Our industry does a great job of technology and innovation. As I mentioned, we are leaders in that. The Canadian oil field services sector is renowned around the world for its technology, innovation, and expertise. I think it's a shame if we discourage that and not take advantage of it.
Our members are pursuing clean tech. They are incorporating renewables into their service offerings, even within the oil and gas industry. If carbon is the problem, then I think we should address the carbon issue and try to lower that rather than throw out the baby with the bathwater, because by taking advantage of our natural resources, we can benefit. We can take those revenues and use them to develop technologies to reduce emissions and move to renewables.
At this point, I think we agree that we need all sources of energy to meet growing global demand. We aren't saying that this is the only one. What we are saying is that while we need it we should develop it because we do it so well. I think you will find that many of the exploration and production companies and the transmission companies, the pipeline companies, are already investing in renewables, such as wind and solar, and so forth. If we discourage investment, we are just hindering their ability to pursue those goals. I think it benefits us all to remain competitive. I see that we are eroding our competitiveness by certain actions that we're taking.