Thank you for that question. Before I dive in, for Mr. Blaikie, I'm happy to talk with you off-line about the issue you raised. It's a major subject among us pinheads, so I'm happy to talk to you in depth off-line about that.
On Keystone, there are a couple of points. One is that the direction on Keystone was clear. We knew seven months ago what was going to happen, yet we chose not to listen and we chose not to pay attention. We sought out voices that told us what we wanted to hear, not what we needed to hear.
The first thing for the wiser committee is thinking about how much the U.S. has changed from under Obama to under Trump. I don't think the analysts who are working on this have evolved with the U.S. Racial reconciliation as a central issue, even in economics and trade, with the new interior secretary in the States, yet of all the analysts you have coming in to talk to you, how many are prepared to talk about the new reality in the States?
On Keystone, the Biden administration has signalled that the U.S. is serious about the transition away from fossil fuels. It's not quitting cold turkey; it's a gradual transition. With Keystone they've cut the rate of growth of imports of Canadian oil. They've done the same thing to themselves by cutting new leases on federal lands. It's to begin an orderly transition. They are very clear about this.
We have to realize that if this is the direction the U.S. has gone, and we do not have votes in Congress to change them, we are going to have to adapt to the new opportunities that they're putting out with EVs, clean tech and carbon capture. We have to respond to the new opportunities and, at the same time, we have to make sure that this transition does not first hit the Canadian oil patch. As the U.S. slowly looks to cut, we have to make sure that the current movement of oil and goods to the U.S. remains the same. I do not believe that Americans are ready to quit oil cold turkey. They are ready to start transitioning, and we have to be prepared and adapt to that. This could mean decades of continued oil from the oil sands, but the days of rapid growth, booms and busts, I think, are over, and we have to adapt to this reality.
GM announced today or yesterday that they're no longer going to be making gas vehicles. The reality is there. We have opportunities to profit from the shift in the U.S. We have to pivot and begin to look at that, while we maintain our current production to the U.S. as they move away.