With respect to Canada's standing in oil and gas markets, I'm sure the committee is well aware that Canada is currently the world's fourth- and fifth-largest oil- and gas-producing country. This affords us many economic benefits across the country.
That being said, despite being one of the world's largest oil producers, we remain tied to global oil pricing, especially for refined fuels. As such, the increased pricing due to the current conflict is translating into increased prices at the pump. Even if we increase our domestic oil production, we are still subject to global pricing, so we will see the effects on our economy through that vector.