Subcommittee on Oil and Gas and Other Energy Prices committee  Good morning. Thank you, Mr. Chair. I very much appreciate the opportunity to be here today to contribute to your deliberations on a very topical and important issue for Canadian consumers. Far too often, when we contemplate the workings of the marketplace, there's a tendency t

Subcommittee on Oil and Gas and Other Energy Prices committee  I think what it reflects are differences between local and regional markets with supply and demand to balance each side. Clearly, across Canada we operate in a number of different local regional markets, and the supply and demand dynamics within those markets do differ. Clearly,

Subcommittee on Oil and Gas and Other Energy Prices committee  Thank you for the question, Monsieur Bouchard. Our observation—and certainly the research that we have seen on regulated markets suggests this—is that regulated markets do have an influence in reducing price volatility. But at the end of the day, consumers pay more for fuel in a

Subcommittee on Oil and Gas and Other Energy Prices committee  I certainly would echo Mr. MacLean's remark that because we're operating in the context of a North American fuels market, of which Canada comprises approximately 10%, we're ultimately price takers with respect to the price of wholesale fuels. The rise in fuel prices paid by Can

Subcommittee on Oil and Gas and Other Energy Prices committee  Ms. Nash, thank you for the question. Yes, there's no question that there's a significant degree of volatility in gas prices. I think everyone would agree that this can be very distressing for consumers. I would just reiterate that ultimately the price paid at the pump is a f

Subcommittee on Oil and Gas and Other Energy Prices committee  In answer to your question, I would say no. I think what you're seeing is ultimately people's perceptions on how an individual event, whether it's a hurricane or something else, is going to affect the supply of crude and how that's going to ultimately reflect—

Subcommittee on Oil and Gas and Other Energy Prices committee  It's not the market speculating; it's the market responding to a perceived change in the supply and demand balance. I want to come back to the question you posed to Ms. Savage about gas prices going up before a long weekend. I share her view that, although there are perceptions

Subcommittee on Oil and Gas and Other Energy Prices committee  First of all, let's put this into context. Yes, over the last number of years we've seen a significant rationalization in the number of refineries in Canada. Notwithstanding, we've actually seen an increase in refinery capacity. As we've reduced the number of refineries, remain

Subcommittee on Oil and Gas and Other Energy Prices committee  I think in the past the industry has been supportive of having a monitoring agency. We think that in the end that information is useful to Canadians. Certainly we'd be willing to discuss how that might work and what might ultimately be of use to Canadians.

Subcommittee on Oil and Gas and Other Energy Prices committee  Yes, I believe there was.

Subcommittee on Oil and Gas and Other Energy Prices committee  I don't think anything came of that. I'll have to take a bit of a pass on this because I am relatively new to this industry. While I'm clearly very focused on the issues of today, on past government actions too far back I'd have to get some better information for you.

Subcommittee on Oil and Gas and Other Energy Prices committee  My understanding is that it did not come into effect, yes.

Subcommittee on Oil and Gas and Other Energy Prices committee  I think we'd have to look at the specifics of what was being published. Certainly the concept of information is not something we're opposed to, but I think we'd need to have a broader discussion on the specifics of what that information might be.

Subcommittee on Oil and Gas and Other Energy Prices committee  I think what really is behind that is the sensitivity of markets to those kinds of shocks. Those events are instantly read in the markets and ultimately have an instant impact on the kinds of markets that Mr. MacLean has been talking about trading. They do actually happen that fa

Subcommittee on Oil and Gas and Other Energy Prices committee  It would clearly depend on the specifics of the policy initiative. I can't speculate on what a policy initiative might be and what the impacts on the industry would be.