Thank you, Mr. Chairman.
Thank you.
The two comments on effective regulation were an acknowledgment on our company's part, and certainly on the part of the industry, that we do need to not only improve it, but that in making it effective, it's not about more regulation. It's about having a joint commitment to make it effective; whether it's the now joint environmental monitoring program between the federal and provincial government in Alberta, there is commitment to it. As those evolve, having the recognition that we're not simply adding but we're being more effective in the outcome is really just making visible that goal.
With respect to capital, we're a company that has no cashflow, notwithstanding the fact that we've raised $1.3 billion. To get to our commercial-scale development, as a company we will raise another $2 billion. The economics underlying the industry do not mean that we cannot attract that capital, but the free flow of capital dictates two things, really. One, is it available? Two, what's its price? As there's consideration of investment by foreign entities, whether those foreign entities are from France, Norway, the United States, or China, that free flow of capital goes a long way to addressing the gap we have.
In the energy sector that gap can be up to $50 billion a year: a shortfall between what could be funded domestically and what's needed, whether that comes from the U.S.—as about 40% of our shareholders do—or from overseas. There is a direct impact not only on our company, but also on other companies like ours with aspirations to do the job we are discussing. Free flow of capital is a very important part of that.