Yes, Mr. Hogan. Those are very good points you've made.
I, too, take your point about going south, because, of course, that's where refineries, over the past 20 years, have been reconfigured to take the heavier slates of oil, which Canada is well known for and Venezuela was at one point. Even Mexico was, to a large extent, until it discovered that it had problems with the quality of its oil, in terms of both water and salt contamination.
This also speaks to the need for expanding the markets to meet what the IEA.... It's never been very big on the idea that we need more hydrocarbons, but now it's admitting that, yes, this is in fact going to go up.
The question is, do we have the infrastructure? It's not just the pipeline. Do we also have the advanced cokers? Do we also have the upgraders? The cost that has to go into these things, more than just an MOU, by some estimates.... I looked at the numbers earlier for the costs of carbon sequestration. Who's going to pay for that?
The actual costs of increasing the carbon consideration from $95 to $130 could be an extra $10 a barrel, making Canadian oil less attractive from the get-go, and perhaps explaining why there hasn't been a stampede toward building any pipeline under these conditions.