I think to the extent that my fellow witness here came armed with the actual economic impacts of taxes and royalties that have been paid by large oil sands companies.... Oil and gas is the largest export sector of this country. It is the largest taxpaying sector of this country. It is the most productive, as an economic multiplier sector, in this country.
The economic benefits of growing the sector, growing production and getting more production to other non-U.S. markets, in addition to continuing to supply the U.S., are relatively clear given the economic impact of the industry to this country. The wages that are earned in Alberta contribute to everything from pensions to equalization payments. It is a vital and imperative industry. It is in the public interest to continue to grow production and support that through new transportation infrastructure to new markets.
The Trans Mountain pipeline returned $1 billion to the federal government in its first year of operation because of the expanded capacity and export take-away capacity through its operations. Imagine if we had multiple opportunities to expand production and grow exports through other pipelines. We would have incremental returns, and taxes and royalties that are earned. I would argue that the economic impacts of the oil and gas sector and of growing our trade capacity with other markets are strong and compelling.
With the cancellations of everything from northern gateway to energy east, we have lost out on 1.6 million barrels a day of production and therefore the taxation and royalties on that production. We have a huge opportunity lost, and hopefully we can find ways to grow that into the future.