How do they say it in the economic textbooks in Latin? Ceteris paribus, all other things remaining equal, we will continue for some period of time.
For those who have lived through previous crude oil price increases, going from $3 to $12 in 1973 was a tremendous jump. Immediately, because of decisions made on the other side of the world, people in Alberta were substantially better off. In 1978-79, when crude oil doubled again, from $14 to $29 a barrel, obviously that was a tremendous jump. But we all remember the 1986 period when crude was down around $11 a barrel and the tough times in the energy sector.
If the emerging economies of China and India continue to grow and evolve and continue to require more and more energy, if there are no significant geopolitical upsets, we will probably have a period of sustained prosperity. There will be ups and downs in the industry, but we have the opportunity to continue to become a larger supplier--I will use the term “globally”. Obviously a lot of the energy will go to the United States because of geographic proximity. It's a Canadian opportunity.
I would make the comment that I think the initiatives of the Quebec relationship and perhaps the most recent Ontario trip out here are important. I believe there can be Canadian solutions to help this part of the country maintain that prosperity and competitiveness that will allow this period of prosperity to extend for some considerable period of time.