Sure.
From a hydrocarbon perspective, we do export quite a bit. Most of the 25% of our exports that are energy are hydrocarbon. We do import almost as much, about half of what we export in terms of dollar value.
A lot of people have said it doesn't make economic sense to build refineries in Canada because they're already built in other places, and there are a lot of capital costs to build them, a lot of permitting time, and no one wants a refinery in their backyard.
But I don't know if that assumption is rock solid, given the differential we have in oil prices between what we get for it here in Canada and the WTI price. Right now there's a $40 differential. I think the economics look a lot better if you do two things—what Mr. Garneau was talking about before on the capital cost. If you look at the difference between what we get for oil here and in the U.S. right now, it's $40. If you put that in the model, refineries here start to look a little more sensible. The biggest problems with refineries are capital costs and borrowing the money. If you're a private sector actor, you're going to have to pay a higher interest rate. But if you could get the loan back-stopped by the government, provincial or federal, that would lower your capital cost. It's a substantial amount. In the case of Newfoundland, they're saving $1 billion on $6.2 billion.