Discussion · Government Orders
Mario Simard Bloc Québécois
“Our biggest problem is that foreign companies own most of Canada's oil industry, especially American ones. We pay for their infrastructure while they take record profits out of Canada and send them to the United States. We should focus on that.”
“Mr. Speaker, I would like to talk to my colleague about the worst dependency we have. It is the 80% of the oil sector, the major players in that sector, that is owned by foreign interests, and the 60% of the oil sector that is American‑owned. There is capital flight. The sector has made record profits in recent years. Where do all those dividends go? They are going to the United States. That is even more troubling than the forestry sector’s dependence on the American market. We are paying for oil and gas sector infrastructure, while the industry bigwigs are taking their dividends and investing them in the United States. That is what my colleague should be addressing.”
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Mr. Speaker, I would like to talk to my colleague about the worst dependency we have. It is the 80% of the oil sector, the major players in that sector, that is owned by foreign interests, and the 60% of the oil sector that is American‑owned. There is capital flight. The sector has made record profits in recent years. Where do all those dividends go? They are going to the United States. That is even more troubling than the forestry sector’s dependence on the American market. We are paying for oil and gas sector infrastructure, while the industry bigwigs are taking their dividends and investing them in the United States. That is what my colleague should be addressing.