Thank you, Mr. Chair.
Just briefly, to the point of exponential growth, oil by rail last year was down, and we don't know yet what impacts will be continued into 2015 on both extraction and transport of oil due to low pricing of oil globally. That said, we are doing what we can to ensure that as the trend picks up at some point in the future we have the best prevention and, ultimately, liability and compensation regime as well.
To that point, I want to move to the minimum insurance level requirements. I believe that's in schedule IV in clause 14. It comes into effect a year after the bill gains royal assent. What has the department determined in terms of the ability of the market to supply the insurance necessary and at a price that the short lines are able to afford? Then, of course, when those minimum requirements go up, is there plenty of room within the industry to continue or to sustain that growth, and what is the price effect on short-line railroads?