Well, we have a few on the west coast there, but they're insignificant to the volume.
We're willing to pay $70 a barrel for unfriendly oil coming from Saudi Arabia on our east coast, down our Saint Lawrence River to ports along the river there that are virtually unregulated, and then we're willing to sell our oil for $20 a barrel to the Americans. That doesn't even makes sense that we're leaving $50 a barrel on the table.
This is not only hurting our oil producers, it's hurting all Canadians, because this is money that could be left in the country. It is money that could be used to fund social projects. It's money that could be used to build schools, houses. I think we heard that every single day that we allow this kind of scenario to persist, we are giving up the equivalent of one brand new school per day, or one municipal hospital a week.
That's significant, committee members. We have to make sure that can't happen. That's why I think we need to have this study.
I think it's very important that we go ahead with the study to find out what the industry thinks about Bill C-69 in relation to the TMX, but not only just TMX. What does industry think going forward? Is it going to be willing to invest money here?
Mr. Chair, I could talk a lot further on the financial implication of buying a $4.5-billion project that has limited revenue opportunity at this point, on that money being sent down to Texas to the Americans instead of remaining in our economy here in Canada, and on putting taxpayers on the hook for $4.5 billion, and now the expansion project has been estimated to cost another $9 billion.
We could have seen that money coming into our country as an investment, and now it's going to have to be funded by Canadians. That's another $9 billion out of our economy, and that's not even part of the $4.5 billion yet. This is money that Canadians are going to have to be responsible for. It's going to come out of their pockets, and we as taxpayers are guaranteeing it. We're on the hook for it.
I just don't think that's a very responsible thing to do, and it's not just me. I would like to also quote some other people who feel the same way I do.