Mr. Chair, I would like to thank the minister for coming to committee today. I know he understands the Canadian energy sector and that it is very important to him. It's very close to his heart. He and I have discussed this in great detail, and we understand that neighbours of ours, friends of ours and people we've worked with are deeply affected by the downturn in the Alberta economy. I know he gives a great deal of thought to this. I'm just pleased he's here today.
The price differential—the money we receive—for Western Canadian Select is about 15% of its real value. What has caused this? Well, it's been decades in the making. The private industry always thought the United States would need our oil, and they built pipelines to fill that market. We understand now that we need to open and access new markets. Further, we understand that to get pipelines built in the 21st century, we need to treat the environment as a serious concern, as well as getting indigenous consultation right.
On this point, the Conservatives failed for 10 years to get our oil to non-U.S. markets. In 2006, when they came to power, 99% of our oil went to the United States. Ten years later, 99% of our oil was still going to that singular market. As any economist will tell you, if you have only one customer, you have to accept the price they're willing to give. Today, and every day, we see the consequences of this decade of inaction.
Minister, I know you've given great thought to this. What are we doing to end the decade of failure by the former Conservative government to get our energy products to new markets, and a second thing I think it's important to know, to correct the failed approach to regulatory approvals instituted by that government?