Mr. Speaker, I think it would be a grave mistake for the National Energy Board and the parties engaged in that process to underestimate the importance of making the vast improvements in the regulatory system and regime that have to be in place if we are going to continue to pursue exploration and exploitation of offshore oil and gas. That would be a very big mistake.
Oil companies and, for that matter, any large companies, really do not get their licence granted by regulators. They now have learned through this BP exercise, and many more before, that their licence to operate is granted by the public. Ask BP shareholders if they are pleased about the fact that it has now cost their company probably well over $1 billion to deal with this crisis. Ask them if they think that is a productive use of the scarce capital they are investing in this company. I doubt it.
I think it is a moment in time right now, and beyond, that we should seize as a country. I do not know why we are not, for example, leading this question in the Arctic Council context, where other nation states around the Arctic are also brought up to speed on best practices. This may actually come after the review, but sometimes there may be a point in time where we simply have to say no, that the economic and environmental risks inherent in pursuing offshore drilling are simply too large and that we need to move forward.
Again, all of this decision-making is going to occur in the absence of a coherent national approach to our energy future. Where are we going on nuclear power? Where are we going on hydro? Where are we going on coal and where are we going on other fossil fuels? Where are we going on solar?
Canadians often talk about wanting to invest in renewable power. The Liberal Party of Canada has been clear. It is not that we are looking for a levelling of the playing field between renewable power and non-renewable power; we want the playing field tilted in favour of renewable power.
I think at this stage it would be really important for the government to work with the opposition parties to come up with a coherent approach to Canada's energy future.