When looking at the heavy price discount for Canadian oil down into the United States—that's really where the market is for our heavy crudes, largely the oil sands—what we have is effectively a supply and demand imbalance. We have oversupply for our product, with not enough capacity to ship our crudes to the refiners—largely on the gulf coast but also in the Midwest. That's driving a fair amount of the discount.
If you were to look at this, it would be a natural discount. When looking at it from a transportation and quality basis, that, ideally, would be the price discount you'd see for our crudes. What we've been seeing with the excess supply is that we're getting a higher discount for our crudes as a result of that. Pipeline access has been the greatest factor, but it's also a market power piece in the absence.... We are effectively price takers for these U.S. refineries
The unnecessary discount probably costs the Canadian economy approximately $2 billion a day, if I recall correctly. I would have to check those numbers. I haven't looked at those recently.