The short answer is that I think we need to take a page from Peter Lougheed's playbook.
Back in the 1970s, when he formed the first Progressive Conservative government in Alberta, he was faced with a very similar situation that we're faced with today, but with a different resource. At the time it was natural gas and it was being exported in raw form. He wanted to add value. In order to do that he used a mix of regulation and direct public investment, to establish public-private partnerships that led to....
So the short answer is, yes, the private sector has been given an opportunity to do what Canadians want, and which I would argue they need, and it has failed.
We need public action, we need a crown corporation, and we need public investment. On that subject, make no mistake, we're already investing in this industry because with the low royalty, we're paying for existing—