44th Parl. 1st Sess.

February 13, 2024 10:00AM

Context: House Hansard - 281 - Feb/13/24

Mr. Mike Morrice (Kitchener Centre, GP)

Feb/13/24 10:03:01 a.m.
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Mr. Speaker, it is an honour to rise to present a petition that notes we are in the middle of both a climate crisis and a cost-of-living crisis. Petitioners note that folks across the country are struggling to afford housing and food, while also dealing with unprecedented climate disasters that will only continue to worsen if urgent action is not taken. They note that while this is happening, fossil fuel companies made record profits last year, with the five largest fossil fuel companies operating in Canada alone making annual profits of over $38 billion. They note that a significant portion of these profits were made as a result of price gouging at the pump, in 2022, costing Canadians an additional 18¢ per litre, more than their previous profit margins on fuel and far more than the 2¢ per litre that carbon pricing went up in the same period last year. They also note the similar taxes on excess profiteering on those oil and gas companies has been instituted in Canada in other sectors already, as well as on oil and gas companies in the U.K. and Europe. They then call on the Government of Canada to immediately apply a 15% windfall profit tax on the excess profits of oil and gas companies operating over the past three years and to reallocate the revenues that would be generated from that to proven climate solutions as well as to efforts to make life more affordable for Canadians, including investments in public transit, in retrofitting buildings and in greening the grid.

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House Hansard - 281