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Mr. Mike Morrice (Kitchener Centre, GP)

Nov/2/23 11:41:09 a.m.
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Mr. Speaker, as we get into this debate again, I am seeing the same omission we always see, and I will note it is particularly from our Conservative colleagues. Yes, the price on pollution, the carbon tax, went up 2¢ a litre in the last year, but it is corporate profits of the oil and gas industry that went up 18¢ a litre. There is never a word about those. In fact, when we talk about inflation, 47¢ of every dollar of inflation is directly attributed to massive increases in corporate profits. If we are going to have an honest conversation in this place about addressing affordability for Canadians, we need to talk about where inflation is directly coming from. We have had a number of conversations over the past week on this topic. I would be curious to hear more from the member for Kings—Hants on his view on addressing this by putting in place a windfall profit tax on these excess profits of the oil and gas industry that are gouging Canadians at the pumps in the midst of a climate crisis.

189 words

Context: House Hansard - 245 - Nov/2/23

Mr. Kody Blois

Nov/2/23 11:42:13 a.m.
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Mr. Speaker, the hon. member raises a really important point that, particularly on heating oil, it is the market that is driving the price. It has nothing to do with the carbon price, but it has to do with the cost of the heating oil itself, which is anywhere from two to four times the price of alternatives. That is exactly why the government has been laser-focused on that question with affordability programs to support it. To answer the hon. member's question on the windfall profits, I recognize that other jurisdictions in the world have considered it and have moved forward. I said to him this week that, because the oil and gas industry is primarily located in western Canada, we have to be careful about the concept of introducing something like that, not only because there could be a capital flight of really important jobs and industries that may not necessarily invest in the country as a result, but also because the money collected under such a program should stay within the regional context. That is the suggestion I gave him. Whether or not the government moves forward on it, I do not know. It is a careful balance because there are a lot of considerations there.

210 words

Context: House Hansard - 245 - Nov/2/23

Ms. Lori Idlout (Nunavut, NDP)

Nov/2/23 1:33:11 p.m.
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Uqaqtittiji, Nunavut relies completely on diesel for energy for home heating and for everything, basically. All of its oil and gas is from the south; we do not have any that we extract on our own. Therefore, when we get that oil and gas, it is from companies in Canada. Canada's five biggest oil and gas companies made $38.3 billion in combined profits last year alone. Does the member agree that there needs to be a windfall profits tax on oil and gas so those funds can then be diverted to renewable energy that needs to be supported, such as Hydro-Québec's fibre-optic link project?

111 words

Context: House Hansard - 245 - Nov/2/23

Ms. Julie Dzerowicz

Nov/2/23 1:34:11 p.m.
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Madam Speaker, it has been very disturbing to see that our oil and gas companies over the last few years, particularly during the years of the pandemic, have accumulated record profits, much of which went back to the U.S., and then have come back to Canada to ask for subsidies to decarbonize their production. What I would say to the member is that I agree this is something we should look at. I am very disappointed with our oil and gas companies for not stepping up and doing their share.

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