Thank you, Mr. Chairman. I would just like to pursue the same line of questioning initiated by my colleague, Mr. Braden, in regard to the Energy Strategy and the very pressing nature of this. I think oil is now up to $32 a barrel. I indicated Friday, that according to the Energy Alliance, we are spending, as a Territory, $270 million on energy, 18 percent of our gross domestic product. We also experienced, according to their estimates, about $130 million of that economic leakage south.
Mr. Chairman, I am interested in pursuing with the Minister ways that we can proceed on this, that are not going to overburden, as he indicates, an already overburdened bureaucracy. There are some key components I talked about previously that are already underway.
The Energy Alliance targeted energy efficiency, energy supply options, Greenhouse Gas Emissions Strategy and a policy and regulatory framework as the four key areas. We are already doing two.
Tied into that regulatory and policy framework, of course, is the whole, complex issue of subsidies. I would like to ask the Minister whether he would consider, since he sees the Arctic Energy Alliance as the natural vehicle for this, tasking them to come up with a discussion paper about how we can kick start this process. The one in the Yukon took two years from start to finish with the consultation and the public input and the amount of work that was done. We are already six months into our term and, like Mr. Braden, I am very concerned that we cannot afford not to do this.
Our budget is being impacted as we speak, just with the cost of utilities and energy cost going up as the price of oil rises. By winter, we are going to be in, I would think, some serious program problems trying to meet all these O and M costs.
Would the Minister consider, in order to get this process initiated, having his deputy meet with the other members of the Arctic Energy Alliance about coming up with a working paper to get us started?
I have already talked with the Chairman of the NTPC Board, and he as well shares the concern of the need for a broad energy strategy. I think there is a lot of interest. It is just a matter of getting the instruction and direction to start making things happen. Thank you.