Thank you for that question.
You did say in the immediate term, and in the immediate term it's all positive, actually. It would be in the medium term to the long term where there would be larger questions.
It's positive because lower oil means lower transportation costs. For a typical mill, they'll tell you that 60% of their finished product cost is getting the fibre to the mill gate. Increasingly, a lot of that is in trucking as the fibre is farther and farther from the mill, and diesel is used in the machines and in the industry, etc. Then there's rail transportation and trucking transportation with the finished products, so having lower transportation costs will absolutely help the industry.
The lower Canadian dollar means that if your products are priced in U.S. dollars, you make a bit of a windfall profit while that lasts. For now, that's very positive, actually, but in the medium term, we don't know what the low price of oil, for instance, might do to different segments of the U.S. economy and how that could shift economic growth. It could be negative or it could be positive. It's the same for Canada.
As I mentioned earlier, probably more strategically, as we think about the bio-economy and transforming the industry, it becomes harder to make some of those investments, and to make the argument for some of those investments, when you're in effect replacing oil and the oil is so cheap that the replacement just makes no economic sense. This could slow down innovation.