Our view is that it's essentially a short-term phenomenon. Oil prices will rise from their current levels. The fundamentally tight global supply-and-demand conditions that existed prior to the current global recession will return. We may not see $150 oil again any time soon, but oil prices will definitely rise, making a lot of the projects that have been delayed viable again in another year or two.
Certainly we will see renewed investment in oil sands, which already accounts for a majority of our oil production here in Canada. It will continue to account for a growing share of our oil production. I think our manufacturers will definitely benefit from this. Even before the current recession, we saw machinery producers and a number of other industries benefiting from the high degree of investment in oil sands. I think this benefit will return once oil prices begin to improve.
The real risk in the oil and gas sector is on the conventional side. We're seeing declining productivity and increasing costs per well. It's becoming more and more difficult for our conventional producers to maintain production at current levels. That's going to play a shrinking role in our oil and gas production going forward.