Thank you, Mr. Chairman, and thank you to all of the presenters today.
I'd like to start with Dr. Keith. First of all, congratulations on your award as environmental scientist of the year from the Canadian Geographic. Well done.
You talked about the need to accelerate the pace of innovation and the need for economic market signals. You also noted the need for other initiatives, but the market signals were quite important. You talked about a price on carbon. Would a cap-and-trade system fit within that rubric or be a proxy for a price on carbon?
Secondly, the government has, with the Clean Air Act, talked about intensity-based reductions. I have some difficulty with that in terms of whether it's the appropriate market signal, but I wonder if you could comment on that.
On value-added, the use of natural gas in the oil sands raises some questions about whether this is the highest and best use of our natural gas resources. The petrochemical industry is looking for feedstock and having to chase it. We saw in the presentation from Mr. Henuset that we're going to be importing natural gas. When we raise this question, people say the market will decide. Apparently we're told the market is going to decide a lot of things, but I'm not sure it will decide all these things or whether it should.
So in terms of value-added and the best use for our natural gas and moving up the value chain, what sort of market signals or policy environment do you see as appropriate there? And I wonder if you could talk about the economic signals question and expand on your thoughts on that.