Thank you very much.
Mr. MacLean, going back to this situation, a couple of you witnesses have referred to this “driving” of the price of oil, and Ms. Savage referred to it as well.
In the reading that I did just ahead of today's meeting, from the interim report that the inter-agency task force came out with in early July, they indicated that really only 2% of the oil futures—and I think this referred to the cash transactions, that is, 2% of the contracts—actually resulted in physical delivery of product. In a case like that, I'm trying to imagine what kind of conditions....
Perhaps I'll ask Mr. MacLean first. What kind of conditions might you see if in fact there was this other speculation going on about those prices? In other words, if the trading drives the prices up, as has been suggested, what kind of circumstances might we see in the market that would give weight to that argument? For example, it has been suggested here that if that was in fact happening, inventories would be higher. But in fact, inventories have not really risen at all with this recent spike in trading.
Could you comment on that? I say this particularly because people would be interested to know that the price they're paying for gas isn't being artificially bumped up by overabundance of trading.