Thank you, Chair.
Thank you to all our witnesses.
Ms. Baiton, it is good to see you again. I am of the strong opinion that every committee meeting needs a few good Calgarians. Thank you for being one today.
I totally agree that there will be oil and gas demand for many decades to come. I believe even in a world that uses less oil, demand for Canadian oil and gas can continue to grow. The question this committee has is, how do we take advantage of that opportunity and do it in a way that is distinctly Canadian?
Oil and gas production from 2015 to 2024 was up 34% in Canada, and globally about 6%. Growth in the oil sands in Alberta is up 40%, or I believe around there. That's been very good for this country. It has created jobs across this country. Steel for pipelines comes from Ontario. The INNIO Waukesha engine comes from Ontario. It's straddling all sorts of technology all across this side of the continent—or the part I'm from, I should say.
I'm in Ottawa today. The outcomes are really good. According to the UBS “Global Wealth Report”, median wealth in Canada is $152,000 U.S., and median wealth in the U.S. is $124,000 U.S. We've done a good job of creating broad wealth.
I know that Ms. Swift says that past performance is the best indicator of future behaviour. Those results would give comfort, but I'd like to not leave that to chance. I'd like to keep that going. I'd also like to know that we're doing it in a way that's less reliant on the U.S.
I apologize for the long preamble to my question, Ms. Baiton. Of course, there's always a lag between FID to operations. Some of the growth we're seeing comes as a result of decisions a decade ago.
I'm curious about the pipeline forward—excuse the pun. I'm not arguing for the status quo, but how do we expect production to evolve under a status quo case in the next few years?