I will try to answer your question.
First, the graph on page 8 shows that the government has implemented regulations over the years. These regulations partly account for the rise in profit margins for refining. Here, it has to do with regulations for benzene and sulphur.
It was also said that the rise in prices was accompanied by a decline in demand. However, we noted that demand in Canada and in the United States still remained quite strong. There was an increase in refining capacity, but it was not sufficient to bring the difference between supply and demand back to what it previously was.
We note that the profit margins for refiners are higher because demand is still as strong as before. This was the first time in decades that we heard proposals to build new refineries in Canada. At present, we know of three proposals to build refineries, and this could make a difference, because an increase in refining in Canada could have an impact on prices.