Would members please take their seats, please? I remind members and witnesses that we are being televised for both the two-hour session this morning and the two-hour session this afternoon.
I want to read, for the benefit of members and witnesses and for the general public, the motion that was adopted:
That the Standing Committee on Industry, Science and Technology strike a subcommittee whose membership be composed of all 12 members of the standing committee to hold approximately three meetings during the late summer or early fall to hear from representatives of the oil and gas industry, pension fund managers, institutional investors involved with global electronic exchanges, and relevant witnesses to explain the reason for the increases in the price of oil and gas.
That is the formal motion that was adopted. That's the reason for this subcommittee, and we have two sessions here today.
From 10 a.m. until noon, we have three witnesses. First of all, from the Canadian Petroleum Products Institute, we have Mr. Peter Boag, president. Welcome.
Secondly, we have Mr. Warren MacLean as an individual. Welcome.
Thirdly, from the Canadian Independent Petroleum Marketers Association, we have Ms. Jane Savage, president and CEO. Welcome.
We will start with Mr. Boag and work our way down. You have up to five minutes for an opening presentation and then we will go to questions from members.
Mr. Boag.