44th Parl. 1st Sess.
December 8, 2022 10:00AM
- Dec/8/22 10:56:42 a.m.
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Mr. Speaker, I would agree with the hon. member that oil profits are at record levels. They need to put their shoulder to the wheel and help us reduce emissions. We are working hard with them to cap oil and gas emissions. We will be introducing a clean fuel standard, and we will be removing inefficient fossil fuel subsidies. We have already removed eight. We are on our way to completely eliminating them two years ahead of schedule.
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- Dec/8/22 10:58:34 a.m.
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Mr. Speaker, I find myself agreeing with the spirit of the questions my opposition colleagues are asking me. Oil profits are up. Emissions must come down. The oil and gas sector and the energy sector must put their shoulder to the wheel. They must work with us. Come hell or high water, we must meet those emissions targets of 40% to 45% reductions in emissions below 2005 levels. We have emissions targets. We will meet them.
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- Dec/8/22 10:59:12 a.m.
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Mr. Speaker, I want to follow up on the wonderful questions being asked by our Bloc and NDP colleagues here as to the specific amounts. The PBO has done a report already. The windfall profits tax being called for by others would generate almost $4.4 billion a year at a time when Imperial Oil made profits of $6.2 billion in the first nine months of 2021 alone. They are making off like bandits in the midst of a climate crisis, and the federal government has already applied this to banks and life insurance companies.
Will the parliamentary secretary comment on the importance of applying the Canada recovery dividend to oil and gas companies in the midst of a climate crisis?
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- Dec/8/22 11:27:11 a.m.
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Mr. Speaker, my colleague knows that I appreciate him.
I welcome the fact that Valero Energy refines Canadian oil for domestic use. This further confirms that we do not need to increase production for export. I thank him for pointing that out. The Conservatives do not seem to understand that most days.
Second, they need to understand that abolishing the carbon tax in provinces that are not environmentally responsible creates unfair competition with producers of various goods in other provinces that do pay their carbon tax. Conservatives love competition until it involves oil.
Third, I would like to say hello to Claude, a member of the Union des producteurs agricoles in Sainte‑Scholastique. At a meeting two weeks ago, he thanked me for our support for Bill C‑234, which addresses the cost of propane used for drying grain. I want to tell him that I am very much looking forward to visiting him at his farm.
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- Dec/8/22 1:23:10 p.m.
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Madam Speaker, let us review for a moment. In 2020, the price of gas was under a dollar per litre. People talked about how cheap that was. I told my partner that oil companies would get their revenge once people went back to work and started driving again. That is exactly what happened. In some places, prices climbed over two dollars. The oil companies may have lost money, but they got it all back and more later.
Would it not be a good idea to limit or index oil companies' massive profits in an attempt to shut down what is basically a coalition that drives up the price of a litre of gas?
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- Dec/8/22 1:24:05 p.m.
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Madam Speaker, I would like to thank the hon. member for Beauport—Limoilou for the question.
Let us be clear. Many Canadians work in the oil industry and that industry provides a lot of benefits to our economy. It contributes nearly $48 billion to the government in taxes. Canadians need to be able to drive to get to work.
What is more, it is important that we, as members of the opposition, propose ideas and solutions to make life more affordable for Canadians.
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- Dec/8/22 1:55:46 p.m.
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Madam Speaker, I do think oil and gas companies are raking in the profits. They need to be using their profits and putting them toward reducing their emissions, to decarbonizing, to a just transition plan to help their workers continue to have well-paying jobs as we move forward to decarbonize and achieve our net-zero-by-2050 targets.
I do not agree with the hon. member that we have not done enough as a government. We have put in over $100 billion. We have introduced over 100 actions to ensure we achieve our Paris accord targets and that we meet our net-zero targets by 2050.
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- Dec/8/22 2:38:53 p.m.
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Mr. Speaker, we know that the federal government subsidizes the oil industry, but so does the Canadian banking sector.
In two years, the Royal Bank of Canada's investments in oil rose from $19 billion to $39 billion. That is a lot of money. It more than doubled its investments in two years.
If the government was truly committed to fighting climate change, it would do two things. It would make it harder to obtain funding for polluting energies and it would provide incentives for investing in renewable energy. It has done neither.
What is the government waiting for? Will it take action only when there is not one drop of oil left to siphon?
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