Finance committee  Yes. I agree with your comments, Mr. Chair, around the new normal and getting to the new normal. We shouldn't overreact, nor should we ignore that there will be a new normal. Competitiveness will be critical in terms of how Canada fares in the new normal. There is an urgency to c

Finance committee  Yes, definitely, we need that export capacity in various ways, shapes, and forms to access different markets. We need more pipelines to access different markets.

Finance committee  I'll let Tim comment on the growth. I would certainly say that worldwide the markets are growing. The opportunity to access Asian markets with both oil and natural gas is significant, and without a doubt Canada has vast resources that it can draw upon. Sorry, the other parts of

Finance committee  Thanks. I appreciate that, Mr. Chairman. You asked about what we can agree upon. I believe we can agree that oil and gas is an important industry to Canada from a national perspective, whether it's suppliers across the breadth of the country or governments that get revenues from

Finance committee  I'd like to talk to that as well. It's not simply the workers at our company. What's changed since the 1980s, I think, is the breadth of the impact of the industry on Canada. Whereas, as you said, in the eighties you would have seen an industry that was much more based in Alber

Finance committee  Respectfully, no. Certainly there is a difference in time lag between parts of the sector. The oil sands would be more bulky investments and as Tim mentioned, those investments are longer timeframes so if you're in the middle, likely you have a lot of sunk costs and you're goin

Finance committee  As we mentioned, certainly in terms of the new techniques, those techniques have brought on a lot of supply, and they tend to be at a higher cost. In fact, Canada tends to have higher costs, whether it's—

Finance committee  No, what we're saying is that we expect that ultimately, once you work through some of the lagged production, prices will recover somewhat.

Finance committee  Certainly the access, as Tim rightly mentioned, the ability to realize a world price for our products certainly on the crude side.... On the natural gas side of things Canada has well in excess of 200 years of supply, and we're rapidly becoming constrained in western Canada wit

Finance committee  It's certainly increasing. I don't have that number at my fingertips, but certainly rail has increased dramatically in the last few years. I would look to Tim. He may have those figures.

Finance committee  Certainly we have a number of strategies that look to weather the storm that we're currently going through, and the dip, and then position ourselves for the longer term, as mentioned.

Finance committee  As mentioned, we don't believe that either $50 or $100 is sustainable and there'll be some point in the middle that ultimately will be landed on. Our strategy is to focus on those quality properties that will be worthwhile to develop at some midpoint price.

Finance committee  Thank you, Mr. Chairman. Good morning. I'm Richard Dunn, vice-president of government relations for Encana. Encana is a significant upstream producer in Canada. Thank you for the opportunity to speak today on how the global oil price decline has impacted Canada's energy sector,