Thank you, Mr. McTeague.
As the chair, I'm going to take the next spot.
Members and witnesses, we started about 10 minutes after 10, so perhaps I can ask the witnesses this. I know we asked you to stay until noon. If you have to go, you have to go. But perhaps we could impose upon you for a few more minutes, if that's okay.
I just wanted to drill down, Mr. MacLean, to some of the understanding, especially with respect to the price of crude. That seems to be where the main concern is. Crude is, as you've all mentioned, the primary determinant in terms of the price of gasoline. There is a concern, and Mr. McTeague has provided a very good article in terms of speculation.
In terms of the price of crude, we have the physical market, also known as the cash market, where we have the commercial participants. Then we have the futures market, and people are saying this is where the speculators are taking their action.
Can you drill down for the committee what percent...? Is there a way of telling, if the price of crude is a certain amount today, what amount is due to the cash market, what amount is due to what people may describe as more legitimate trading versus how much is due to the actual futures market, which is people not actually buying the product but buying to hold for future gain? Is there a way of drilling down to find out how much is due to the futures and how much is due to the actual physical market?