Very quickly, on electricity, certainly the level of volatility in the prices is far less extreme than with respect to oil and gas, and that's structurally because we just have a different set of realities. As a starting point, 60% of Canadian electricity comes from hydro and another 15% or so comes from nuclear. So there's roughly 23% or so that comes from fossil fuels and is exposed to changes, but most of that is coal. Again, compared to natural gas and oil, coal has been much more predictable, but all of those energy inputs, and electricity itself, are on an upward trajectory. It's just at a much slower rate than the type of number you described.
My general impression is that we've gone through a kind of step change into a much higher price reality for the reasons that my colleague has explained. I don't think you could expect the prices to continue to increase at that level of volatility. In fact, with oil in the $60-some range, it's probably plus or minus $10 or $20 in an area that you would expect it to remain, with ups and downs, depending on geopolitical events, on weather, on a whole lot of other issues. I don't think you would see it go from that range to the $120 or $150 range, to doubling again, in the next couple of years.
Generally speaking, I think markets have worked reasonably well, even with respect to the kinds of impacts that Mr. McTeague was describing. I would think there are a lot of hedge fund operators who will be exceedingly careful not to get their positions out on a limb, the way a couple of these companies have found themselves. Those are pretty painful lessons to learn. There's no doubt that speculation can be a negative in terms of impact on consumers, but there is a self-righting in this process that when you get it wrong, you're basically out of business.