Madam Speaker, it was hard to be heard.
This debate is taking place on false premises, as though all of Alberta's oil sector is suffering. Those who only produce raw bitumen and want to export it as raw bitumen are having difficulties. Those who invested in upgraders and refineries, like Imperial Oil, Husky Energy and Suncor, are receiving large profits. Husky reports a 48% increase in profits. Imperial Oil's CEO Richard Kruger said, “Looking ahead, in the current challenging upstream price environment, we are uniquely positioned to benefit from widening light crude differentials.” In other words, bitumen is a solid product of low value. Those companies that invested in upgraders in refineries, as was recommended by Peter Lougheed at the beginning of the development of the oil sands, are reaping large premiums.
This is not an issue about pipelines. It is an issue about public policy: good policy versus bad policy.