Discussion · Government Orders
Don Davies NDP
“Cutting the gas tax did not help drivers. Gas costs 14 cents more per litre now, and oil companies kept the savings as profit. We should tax their extra profits instead and give that money to Canadians who need it.”
“Mr. Speaker, my hon. colleague is absolutely right. The intentions of this policy may have been good, but the execution has failed miserably. People are paying 14¢ per litre more today for gas than they were before the government decided to give $5 billion in a cut to the fuel excise tax. That is because oil companies pocketed the difference. Here is another piece of math, and it is a matter of public record. Oil and gas companies are on course to making $90 billion in profit this year. Where did the $5 billion go? It did not go into the pockets of people who were filling their tanks. They are paying more today. Oil companies are making more. It is clear where the money went, and that is why the NDP is pushing for a windfall profits tax to take a piece of those profits from the oil and gas industry and then direct that money to the Canadians who really need it.”
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Mr. Speaker, my hon. colleague is absolutely right. The intentions of this policy may have been good, but the execution has failed miserably. People are paying 14¢ per litre more today for gas than they were before the government decided to give $5 billion in a cut to the fuel excise tax. That is because oil companies pocketed the difference. Here is another piece of math, and it is a matter of public record. Oil and gas companies are on course to making $90 billion in profit this year. Where did the $5 billion go? It did not go into the pockets of people who were filling their tanks. They are paying more today. Oil companies are making more. It is clear where the money went, and that is why the NDP is pushing for a windfall profits tax to take a piece of those profits from the oil and gas industry and then direct that money to the Canadians who really need it.