Thank you, Mr. Chair.
Thank you, Minister, for coming to join our committee again today to look at the estimates.
Minister, the International Energy Agency's “Oil 2021” report notes that the pandemic has caused a dramatic downward shift in expectations for oil demand over the next six years, and that the downturn has been so sharp in advanced economies with traditionally high vehicle ownership and oil use per capita that it is not expected to return to pre-crisis levels. This is also coming from an agency that has been very conservative and has greatly underestimated the rate at which the energy transformation is taking place.
Minister, what will the new normal look like for the Canadian energy sector, and what is our government doing to prepare for it?