Mr. Speaker, just to put this into perspective, I would like to give the hon. member some background as to why the figure of $1 billion was chosen.
The $1 billion figure was chosen based on an analysis of historical examples demonstrating this level of absolute liability, and the financial capacity provides this world-class coverage. Major pipeline spills in North America have resulted in clean-up costs in the range of $20 million to $50 million. That is well below $1 billion. That is the average cost. Therefore, it is needless to say that most of these spills are well below the $1 billion, which raises the bar very high to ensure that taxpayers will not carry the liability for these spills.