Thank you very much, Mr. Chair.
I want to thank both of the witnesses today, because I think you have clarified refining margin versus profit.
Some of the other witnesses we had, as Madame Brunelle was saying, said a 4¢ to 6¢ refining margin should be appropriate, and we're seeing those margins increase. I'm curious about your opinion on the trend. We see in Canada that all parties, all governments, are saying we need cleaner emissions, that we need to blend different biofuels and come up with newer technologies. And because this is a North American market, with differences between Canada and the States, we had another issue about new refineries in Canada.
How would you say the regulatory framework in Canada versus the United States plays into effect where companies make decisions on where to put refineries? Is there a big difference?