The Latin American countries, as we've mentioned, have more progressive social agendas, and a different history and a different neighbourhood context in terms of royalties.
Responding to this as well as to the needs for investment in basic development, basic education, and basic health care has made them take a more aggressive approach in terms of royalties.
I actually got this, believe it or not, by talking to Jeff Rubin, the CIBC World Markets economist. He's famous for saying that the best friend the Canadian oil patch has is Hugo Chavez. Why? Every time Hugo Chavez raises royalty rates in Venezuela, the Government of Alberta should sidle up to the industry and say, “Boy, that pendejo down in Venezuela has really gotten you again. He raised rates by 15%. We're your friends and we're only going to raise them by 5%.”
There is great room for arbitrage with this, and we simply haven't engaged in it. There is criticism that more could be done in this regard.
I'm sure my friend—