Natural Resources committee  I think, Ms. Duncan, absolutely there would be tremendous benefits. If we can serve the eastern Canadian refinery market with light oil that they can put in their refineries without having to make increased investments, then that will create energy self-sufficiency in Canada. It will provide more jobs, more diversification, and a stronger economy.

Natural Resources committee  We could do things differently if we wanted to bring the cost down for consumers. In Canada there seems to be a huge resistance to having any form of protection of consumers and the prices they pay. So if you add value and stimulate the potential of our economy to maximize its value, then you strengthen the entire economy and so it has the same impact in terms of overall health and prosperity as if we had lowered prices.

Natural Resources committee  It's a very excellent question and thank you because I have the same question. Why is eastern Canada dependent on foreign imports when Canada has vast resources? It goes back to if we do not upgrade bitumen in Alberta and turn it into SCO so it can be used in eastern refineries, we will continue that dependence, and when we're dependent on foreign imports, they determine our prices.

Natural Resources committee  Exactly. I think it's very important to recognize that over the last decade or so, the subsidization of industries—particularly in energy—with a reduced tax rate has resulted in a stranded amount of capital, and it hasn't been re-injected back into the economy at its maximum potential.

Natural Resources committee  Thank you, Mr. Chairman. I appreciate this opportunity to appear before the natural resources committee to contribute to your study of the cross-country benefits of the oil and gas sectors of the Canadian economy. This industry has historically played a significant role in providing Canadians with a high standard of living and quality of life.