In Canada, about 100 billion litres of petroleum products are sold. So the 2.5ยข a litre says that the downstream industry, the refiners marketers, made about $2.5 billion last year. Just to put that in context, the capital spending over the last seven or eight years has been about 130% of earnings.
As you're seeing in the chart, the return on capital employed is dropping off. For the last few years there have been huge capital investments for these environmental projects and for expansion increases. The number of refineries is very misleading. We've closed three refineries since the year 2000, which cost about 100,000 barrels a day of capacity, but the total capacity in Canada is up 100,000. So there's a net change of 200,000 barrels a day of additional capacity, not with a new refinery but by expanding existing refineries.
The same thing happened in the States. Over the last ten years they've increased their capacity by 10%, which is almost the same value as the entire Canadian refining industry.