In my opinion, one thing that we managed to demonstrate during the study we conducted is that low-carbon oil is not profitable. People in the oil and gas sector won't go into it without state support. That's pretty clear. The oil companies did not want to answer the questions we asked them on this subject, but several witnesses from the environmental community came to tell us that it was not profitable for them. This is evidenced by the fact that the two major carbon sequestration projects in Alberta, worth $2.5 billion, are 57% publicly funded.
Tomorrow, we're going to see a tax credit for carbon capture in the budget. It seems to me that a project like Bay du Nord is going to blow the federal government's financial support for the oil and gas industry right out of the water.
Has the Department of Natural Resources factored that into its calculations?