By the way, it's not just an issue with the United States. We have to be globally competitive as we enter more into global markets. We are not just going to be competing with the United States. We're going to be competing, from an investor's perspective, with a global portfolio of opportunities. The imperative is not just to diversify away continentally but to be competitive globally. The good news is that we can do it, but one of the major impediments, as we've been talking about, is the regulatory pancaking, both federal and provincial, and so on.
Bill C-5 is incredibly important. I personally was very heartened by the introduction of Bill C-5 and the institutionalization of the Major Projects Office. We await to hear how they will, hopefully, streamline and improve these processes so that we can send the proper signals to international investors to come and invest.
One more point is that, as an example, the last time one and a half million barrels per day of incremental oil capacity was built was about 15 years ago. The $180 billion or $200 billion that was required largely came from international multinationals, sovereign wealth funds and other places. These are the same places that we will need to tap into. Mr. Carney and his ministers have been travelling the world cultivating interest, but when the interested parties come here, they need to look under the hood and see that all of our processes and our competitiveness are aligned with their global strategic intent.