Another matter with product is, it's not clear that product diversification is the best. There's always a lot of talk that we should be upgrading and refining more in this country. It's a very unusual situation now because of the price differential between what Canadian oil is getting in the Midwest and what refineries are paying in eastern Canada.
The refineries in eastern Canada are not very profitable. One was closed in Montreal last year and another one is for sale in Halifax. So when people say, “Let's refine more in Canada”, it depends on where you're going to be refining. I think it would be very difficult to get the industry to make the huge investments needed to expand capacity and upgrade their refineries to refine more in eastern Canada.
In western Canada, it's a different story. Those refineries are quite profitable now. Because the price of western Canadian oil is low, they can refine it. They have a different problem. We just saw the cancellation of the Voyageur project a couple of weeks ago. It was decided that with the cost of building a new refinery out there—we're talking about $10 billion—there was not enough confidence that those price differentials would remain long enough to recoup the investment. So it's easy to say, “Let's diversify our markets; let's diversify our products”, but it's not at all clear that's a goal in itself.
Thank you.