Thank you, Mr. Chair.
We have a great panel here today on the issues in front of us. Thank you very much, gentlemen, for appearing before us today.
The first question is for Dr. Jaccard. He made reference to the blanket statements of biofuels being bad.
Dr. Jaccard, I appreciate that you're an economist. Have you seen the analysis done by Thunder Said Energy? It is a group out of the U.K. It indicated that the life-cycle carbon footprint of biofuels was approximately twice that of the fuels it replaced.