Thank you for the question, Mr. Hsu.
Kingston is one of the strangest markets out there. But when you're a refiner that makes 23¢ a litre turning crude into gasoline when it only costs 4¢ or 5¢ a litre, so that your profit is about 17¢, 18¢ per litre net, you don't really worry about the retail margin. You can squeeze it to 5¢, 6¢, 7¢ a litre and put someone out of business, as they did in the large urban centres, and at the end of the day you'll get your market share.
On the question on the commodities markets, I think it may be difficult for us to try to unscramble these eggs that have been thrown around the world now for the past 12, 14, 16 years. But one thing is very clear. We can work through a process of broad international coordination, and it seems to me that Canada is one of the countries that resists. Some of the comments I've heard from the bank governor, his assistant, the deputy assistant of the Bank of Canada.... They seem to be somewhat neutral as to whether or not Canada ought to do anything. They may actually think that it's a good thing for commodity prices to go through the roof, because one region of the country may benefit while another region of the country may suffer. I think, for instance, of manufacturing in our part of the world, in Ontario.
So there are things I think we can agree on--position limits, large-trader reporting. We need to know who's there, so that we don't have a repeat of June 2009, when Vitol moved, with no money down, $11 billion worth of crude and caused tremendous dislocation. I see Mr. Greenberger in the background shaking his head, so I must be on the right track. There are also pre-trade risk safeguards. There's a number of things we should actually look at, but if there's no will, let alone an interest, to clue into what is driving volatility, then this is an exercise in futility.
Having said all that, I appreciate Mr. Chisu's comments about the 2009 amendments to the Competition Act. I think if he would speak to some of his colleagues, like Mr. Menzies and others, they'll know that a lot of those amendments were based on the work that I did throughout the years 2000 to 2005.