Thank you, Mr. Speaker. Every Northerner watches daily, nervously, as the world price of oil rises. It looks more and more like it's going to settle in the $50 U.S. a barrel range, and that means yet more dollars out of pockets for essential heat and transportation and fewer dollars for the other necessities of life. We look at a world suffering more and more from the effects of pollution from fossil fuels, how it affects our health and the environment around us, and we know that our northern regions, Mr. Speaker, are going to take the earliest and the most severe hit from global warming.
We all know this is a no win, lose/lose situation. Yet here in the NWT we have one of the answers. It flows around us everyday, 365 days a year, and is as constant as the sun. The answer is our rivers. This government has been engaged for the past three years in a concerted effort to increase awareness of this potential among northerners, and to increase the understanding of the impacts and the benefits of hydro development. I believe these efforts are paying off, Mr. Speaker, as there seems to be a growing acceptance among aboriginal and community groups of the value of hydro power to our economy and there is an appetite to take the process to the next business steps.
Mr. Speaker, the further development of the NWT's hydro capacity can turn the energy future and fortunes of the NWT around. It can turn the lose/lose fossil fuel crisis into a win/win for us, for our environment and our economy. It will eclipse the value of the diamond, oil and gas resources that we have and, Mr. Speaker, we know how much we are getting out of that these days. But with hydro it's an economic resource that we control, that we manage, and that can be a legacy for many generations to come.
We have been producing hydro power in the NWT since 1938, Mr. Speaker. Sixty-five percent of our electrical energy comes from it today. We can be part of Canada's energy future and it deserves our continuing attention and investment. Thank you, Mr. Speaker.
---Applause