We haven't really done an analysis looking at the refining and upgrading part, but I know that the fuel association has looked at the spinoffs of the refining. Clearly, if we were to develop more refining capacity, more upgrading capacity, there would be much more opportunity for inputs for manufacturing from other sectors of the economy. That is important, I think.
I would like to say a couple of things about maybe some of the issues around making those investments. There is a considerable amount of investment already being made. Sometimes when we look at this issue of stranded cash, there is a lot of cash sitting on books, but there are also a lot of short-term liabilities as a result of the financial crisis. We have to take that into consideration too.
At the end of the day, though, there has to be a return on investment. One of the biggest constraints that...and this goes to some of the issues we've been discussing. Clearly an upgrading of refining capacity or expanded capacity in Canada would have significant economic benefits for the country. The issue is how do we encourage that type of investment? Is that through subsidies, as many have referred to? We're seeing it in manufacturing. American governments are paying a lot in terms of subsidies to expand capacity in the United States. Some of it just comes down to the price that producers are able to get in markets, too. We are trading on a reduced, discounted price level here. If that price does not provide the return on investment, it's hard to make the argument that there is an economic reason for those investments.
I think the whole investment argument or the return on investment calculations need to be reviewed. We do need to ask, okay, if clearly more upgrading, refining is good for the economy, how do we then try to encourage more of that investment to take place?