44th Parl. 1st Sess.
December 8, 2022 10:00AM
- Dec/8/22 10:42:15 a.m.
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Mr. Speaker, I find that fascinating. Indeed, I am going to ask my Conservative friends the same question today and I think that not one will answer.
How is it that, in 2022, and probably in years to come, the oil companies, banks and major food chains are making record profits and that the Conservative Party, which professes to stand up for the middle-class and workers, is blaming the carbon tax rather than looking for the money in the excessive profits of the big corporations?
If Canada is ranked 58th out of 63 countries in the fight against greenhouse gas emissions, it is because it continues to subsidize oil companies, which are protected by the Conservative Party.
I would like someone from the Conservative Party to tell me when they are going to do something about the oil companies' excessive profits and give the money back to the people who are paying too much for gas.
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- 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 10:57:18 a.m.
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Mr. Speaker, we also agree that putting a price on carbon is critical. In British Columbia it was actually the right-leaning BC Liberal party that brought in the carbon tax in 2009, but it is now supported by all provincial parties, because we understand the impacts of climate change. We have seen Lytton burn down. We have seen flooding. We have seen the impacts of climate change, which I have talked to my colleague about a number of times.
My concern here, and I share this concern with the Bloc, is that there is no excess profit tax on oil and gas companies right now. We have seen the U.K. take leadership, as well as other countries around the world. We have seen over $100 billion in record profits for the oil and gas companies, but we see Liberals and Conservatives standing side by side, letting them get a free ride.
It is unacceptable, because that money could be used for taking pressure off people today by removing the GST on home heating, which would apply to electric heating, something that Conservatives had in their platform but do not support today, as well as removing the unacceptable 39.5% surcharge on Canada Post.
Will my colleague finally charge oil and gas companies the excess profit tax that they should pay and take the pressure off everyday Canadians?
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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 12:39:31 p.m.
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Madam Speaker, there are a couple of things that the Conservatives have broken promises on. They broke a promise to bring in a price on carbon. They broke a promise to remove the GST on home heating, which is something they had in their last couple of campaigns. Then they brought forward a motion today that is unenforceable in many of the jurisdictions in this country.
We need to have a real conversation. The member talked about the disconnect with the debt, but what she did not talk about is the disconnect with the record profits. We do not need experts. Everyday Canadians know that big corporations are having record profits in the hundreds of billions of dollars, and the government is not charging an excess profit tax like many countries. The U.K., Germany and other Conservative governments around the world have an excess profit tax. Germany also has a carbon tax, as does the EU, Japan, U.K., New Zealand, Sweden and Norway.
When will the Conservatives get on board and understand that we need to make sure that some of those excess profits are returned to Canadians to help take the pressure off them?
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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 1:55:46 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 5:17:09 p.m.
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Madam Speaker, I will start by recognizing, as the member said, that families and all people are suffering right now with the rising prices of food and inflation. It is true; it is happening, and unfortunately, as families and regular Canadians are suffering, large corporations are taking home outsized, massive profits that are not being fairly taxed.
Does the member agree with the NDP that large corporations should pay their fair share and that those outsized profits that grocery chains and the oil and gas sector have gained over this time should be redistributed to people to help pay their bills?
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