I think a lot of the concerns stem from the fact that consumers have seen close to record high pump prices. But crude prices were not at the records we saw in 2008. What happened in 2008 was that while crude prices were high, there was already a marked decrease in demand for gasoline in the United States. This led to a surplus of gasoline inventory such that crack spreads, the refiners' gross margin, were zero at that point in time--slightly below zero. We didn't see that seasonal crack spread that usually happens in the springtime in the United States, and by extension in Canada.
In the decades that we've been looking at crack spread seasonality, it didn't really happen in 2008. That created a situation where prices at the pump, although they were high, were about 15ยข per litre higher than they normally would be, given the normal seasonality of crack spreads.
If you jump forward to this year, we have seen increasing crude prices and normal crack spreads, so that's why the pump prices were much higher than perhaps consumers would have thought they should have been, when comparing them to 2008 in particular.