44th Parl. 1st Sess.

January 29, 2024 11:00AM

Context: House Hansard - 270 - Jan/29/24

Jan/29/24 1:49:24 p.m.
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Re: Bill C-59

Madam Speaker, we absolutely should have an excess profit tax on the oil and gas industry. We have seen it make a 1,000% increase in an industry that was already very profitable over the last number of years. This indicates that is not something where it is marking up prices to keep up with inflation. It saw an opportunity. The war was certainly part of that opportunity. It is shameful for companies to be using a global conflict to jack up its prices. They should not be allowed to do it. We have the power in Canada. Some of our allies have exercised the power that they have in their own jurisdictions, including a Conservative government in the U.K., which implemented an excess profit tax on the oil and gas sector. Why, in Canada, can we not find people on the government benches with the courage to do the same and reinvest some of those excess profits in the Canadian economy and in Canadians themselves? It is a real disappointment and it is certainly something that we will continue to talk to Canadians about, including at election time.

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House Hansard - 270