Mr. Speaker, the Conference Board of Canada tells us that there is no problem in the oil industry, that everything is doing the best it can. The petroleum free market is in good shape. But who is in good shape?
Shell Canada has announced unprecedented profits of $858 million over the past year. Petro-Canada's profits are $893 million and Imperial Oil's, $1.4 billion. Clearly, the oil companies are in good shape.
These three companies control 75% of the market. They are suspected of collusion in setting their prices and they are governed by toothless competition legislation.
Most importantly, however, they were involved in the Conference Board report analyses. And so how, as judge and jury, could they do otherwise but say that everything is fine and nothing must be changed?
When will the federal government stop mocking the public and pass real legislation on competition that will have teeth as pointed as those of the oil sharks?