I can start.
You're exactly right. There isn't a business case for a private proponent to build an export oil pipeline to the west coast.
People build pipelines every day in this country. There's a business case to build pipelines, and there's a business case to expand pipelines. I think the fact that Enbridge and Trans Mountain are both expanding their oil pipelines indicates that there is indeed a case for growing oil production and exports.
Also, we are likely to get FID for Prince Rupert Gas Transmission. We will be building a new export pipeline. It just happens to be natural gas and totally within British Columbia, which means that it isn't under the regulation of the Canada Energy Regulator.
However, for oil pipelines, the cancellation of northern gateway after it had been approved, when it needed a few more conditions met, was absolutely the biggest red flag you could send to the international investment community. It told them that Canada was not a safe jurisdiction, that it had a risk premium and that you'd be better off putting your money anywhere else.
Then Trans Mountain's ballooning costs and all the legal issues that happened and the delays that were easily imposed—the blockades and all that—again told capital that we are not a safe jurisdiction to put their money into for an oil pipeline. No CEO would go to their board and say, “Hey, we're going to invest $20 billion or $25 billion into an oil pipeline in Canada”, with—as Dan pointed out—Bill C-48's oil tanker ban still in place. Without some assurances, some signals, who is going to put money into a pipeline when an oil tanker ban is still in place?
B.C. is again signalling that they intend to use their powers to do what they can to frustrate it, even if they don't have the power to stop it. It's very important, and we've seen this happen with LNG, where there was political alignment. You did get the political signalling from both B.C. and Ottawa that this was encouraged. As a result, you are seeing progress, you are seeing construction and you will see FID. We need to see that same level of support on regulatory certainty for the oil pipeline side.