Thank you very much.
It's good to see you again, Ms. Exner‑Pirot. The last time we spoke, as part of the study on critical minerals, you were very effective at providing an overview, perhaps more so than our colleagues in the government. We might not be on the same page, and I'll tell you what I'm getting at with my questions.
First, I want to understand the dynamic between building infrastructure for the commercialization of gas and what I see today as the lack—and I'd like your thoughts on that—of a clear signal from private companies. As I understand it, the Trans Mountain pipeline is the latest oil infrastructure to be built in Canada. It cost $34 billion of taxpayers' money. Also, as far as I know, the government is still offering a subsidy of about $7 per barrel. So companies don't want to pay the cost of using this refinery.
When I look at the projections, I see that, in the next 20, 30 or 40 years, China and Europe will significantly reduce their oil consumption. So I wonder why a private company would want to invest billions of dollars in infrastructure that will be ready, at the very least, in 10 or so years, on the assumption that it will be profitable. I don't understand this dynamic. This often leads me to believe that there may not be a cost-benefit analysis for building oil refineries.
Perhaps you can convince me that my statement is irrelevant, but I'd like to hear your comments on that.