Certainly.
As differentials expand, we're trapped in terms of the oil we have in Canada, with the differential between what would be received on a world market and what's available in Canada. Last year, probably around this time, that led to the involuntary curtailment that was enforced by the government to ensure that there was not overproduction. It's the same concept that you would apply right now in the milk industry in terms of supply management.
Of course, oil can last in a barrel a lot longer than a gallon of milk can, but the real point is that we need supply management. That's what has triggered this explosion in the differential.
Do I think that there will be a sustainable negative? Well, people will simply stop producing. There's an implicit element of curtailment that will occur when prices plummet, and it's already happening. You're seeing the Russians and Saudis talking about curtailment, and across the Canadian oil and gas industry, voluntary curtailment is certainly occurring left, right and centre. The single benefit of this low oil price is of course for the refiners, who are able, when they choose to, pass on the benefit of a lower supply cost to the consumer buying gasoline at the pump.
Is it going to be a long-term issue? I don't believe so. We've already seen some recovery in the world price of oil. As we participate as best we can—and I congratulate the efforts of all levels of government in terms of moving forward on both Keystone XL and Trans Mountain—having access to world markets for Canadian energy is an integral part of being able to participate in a thoughtful industry on a global basis.