The oil sands industry delivers benefits at many levels of the economy. But we are not immune to external forces and, when the economy falters, we are forced to reconsider our plans and priorities.

Consider it a study in contrasts. For 2007 and most of 2008, commodity prices remained strong, the oil sands industry approved record levels of capital spending and the economy thrived. But the global credit crisis that emerged in the fall of 2008, combined with significantly reduced world oil prices, changed everything.

The market volatility is perhaps best summed up in the following statistic: crude oil prices ranged from a high of US $147 per barrel in July 2008 to a low of US $31 per barrel in December of that year.

Like everyone else, Suncor had to act swiftly and decisively. We suspended construction on our major growth projects and reduced our capital spending plans for 2009, originally projected at approximately $6 billion, to $3 billion.

These were difficult, but necessary, decisions to protect the long-term value of our assets. We remain committed to strategically and responsibly growing our business—only the timetable has changed.