44th Parl. 1st Sess.
October 17, 2023 10:00AM
- Oct/17/23 10:24:12 a.m.
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Mr. Speaker, if we want to eliminate waste and return to a balanced budget, would it not be common sense to cut the $83 billion that will go to the oil and gas sector between now and 2034?
If we want to help low-income earners, seniors and people struggling to put food on the table and pay their mortgages, should we not be redirecting that money to them instead of supporting the greedy oil and gas sector, which has made $200 billion in profits?
Yesterday, at the Standing Committee on Natural Resources, the Conservative Party's response was to apologize to Suncor on behalf of Canadians.
Is the leader of the opposition defending big oil or low-income earners?
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- Oct/17/23 10:41:40 a.m.
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Mr. Speaker, with all due respect to the member for Tobique—Mactaquac, his analysis of inflation is not worth the paper that his leader's office wrote on.
Not only does he not do justice to the role that corporate greed is playing in driving inflation in Canada, but he does not even mention it. It is not even part of the analysis. Oil and gas profits, between 2019 and 2022, went up by 1,000% in this country. There was no mention of the effect that that has on Canadians.
When oil and gas companies gouge the farmer who grows the food, the producer who makes the food and the trucker who ships the food, sure as shooting, Canadians are going to get gouged at the grocery store. Does the member not recognize that?
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- Oct/17/23 11:26:51 a.m.
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Mr. Speaker, at the end of his speech, my hon. colleague mentioned that inflation is caused by a number of factors. We in the NDP remain focused on the greed of large corporations, including oil companies, which are making record profits. That, too, is driving up prices for Canadians.
I wonder if my colleague would like to talk a bit more about the price increases that are generating huge profits, and the effect this is having on Canadians' budgets.
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- Oct/17/23 12:53:51 p.m.
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Madam Speaker, just a few minutes ago, a colleague talked about how, if we want to invest a dollar in a new program, then we should take a dollar away from an existing program. I am curious, and I have some ideas. The government could make cuts to its various support programs for the oil industry, which is fully capable of supporting itself, since it is making $200 billion in profits a year.
I would like to know where my colleague will invest the amounts taken from the oil industry support programs.
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- Oct/17/23 1:52:15 p.m.
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Madam Speaker, I am not sure if this is a set-up, because the member recently watched a video that I did on this exact topic, but it is true.
The carbon tax last year, year over year, contributed two cents per litre on average. The profit margins, or the wholesale profits of the oil and gas sector, was 18¢. Where is the outrage from Conservatives when it comes to those wholesale profits, when they are nine times what the carbon tax is?
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- Oct/17/23 5:08:15 p.m.
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Mr. Speaker, corporate profits have been rising, and I am concerned about the level of competition. I am concerned about what is happening in Canada on that front. Our government is moving forward to address competition, increase competition in Canada and meet with these corporations. As I think the member opposite knows, there has been an excess profits tax put on banks and insurance companies, and it is certainly something we would consider doing in the future. However, we are trying to work jointly with these corporations, as we know that is the first and best way to do that.
I did want to mention one more thing. A lot of the problem with capitalism right now I put on Milton Friedman. Milton Friedman's Capitalism and Freedom book, which is the bible of the Leader of the Opposition, is the problem that caused a lot of what is happening. Businesses have stopped caring about other stakeholders and are only focusing on shareholder value.
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