Aleck & Richard:

Please find attached a copy of our synopsis/analysis of President Bush's
National Energy Policy.

While you are of course familiar with all of the details of the policy, I
thought you may be interested in our interpretation.

In particular, you may be interested in our brief remarks with regards to
the implications for the Canadian industry at the end of the document.

Regards,

Sasha Jacob
GPC International
A Fleishman-Hillard Company
sasha.jacob@gpcinternational.com
Ph:  (416) 598-0055
Fx:  (416) 598-3811
www.gpcinternational.com

 <<US Energy Policy.doc>>


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 - US Energy Policy.doc