Finance committee  Yes, thank you. There is no doubt that there will be winners and losers as we choose to work in a market-based economy. We've heard examples of some companies that are losing, but if you look at Canadian Natural Resources Limited, their Horizon project is on budget and on schedule, despite many of these market changes.

Finance committee  I guess we're seeing a number of companies work on trying to be more environmentally friendly in their approaches and taking on new approaches to deal with carbon emissions. For instance, Petrobank Energy and Resources has a toe-to-heel air injection program that does underground partial upgrading and doesn't require natural gas as an energy source.

Finance committee  No, I believe that is correct. Again, there are billions and billions of dollars at stake being put up by private enterprise without seeing any form of return from these projects for a number of years, as there is the time delay between capital investment and cashflow from these projects.

Finance committee  We think these projects are key to Alberta's continued growth and development. Again, one thing to keep in mind is that somebody's cost is somebody else's revenue. So if these projects don't proceed, the income normally earned by people working in these projects is not going to be earned by them.

Finance committee  No.

Finance committee  No.

Finance committee  Thank you. Good afternoon, ladies and gentlemen. Thank you for allowing us to appear before you today. My name is Marlo Raynolds, and I am the executive director of the Pembina Institute. I am joined by Dan Woynillowicz, a senior policy analyst and an expert on the oil sands. Normally our senior economist, Amy Taylor, would be here today, but unfortunately she is out of the country.

Finance committee  That's correct.