Mr. Speaker, what a great evening we are having.
I have a question in mind that we may not have addressed in our debates. We have indicated that we will be voting against the bill, but I think there is an important question to consider regarding Bill C‑39. Who benefits from this legislation? According to the bill's title, it aims to strengthen the economy. Does the bill achieve its objective? Who does it benefit?
I ask that because, this evening, I have heard some of my government colleagues talk to us about national interest and tell us that it is important to diversify our economy in the context of a tariff crisis. I would like to come back to this concept of national interest. I do not know whether my colleagues understand it very well, because it is a term that is generally used in international relations. I am drawing from my past life as a political science teacher. It is a term that is used in international relations and that is mostly based on the public interest.
Domestic policy involves the public interest. Foreign policy involves the national interest. Public interest usually refers to all specific interests in a nation. That is the public interest. An effective policy, such as a health or education policy, meets the needs of the entire population. It is not meant for a tiny segment of privileged people in a society. As a rule, when we talk about public interest, we always think in terms of a rational state that works in accordance with its interests.
The same goes for the national interest. When we talk about that, we are thinking of a state that wants to ensure its security, its economic development and its collective wealth. Ultimately, when we talk about the national interest, we are talking about a government that is trying to act in the best interest of its people. That is what makes me laugh, because I wonder whether the government's nation-building projects are really in the interest the people of Canada and Quebec. I am not so sure.
Let us ask ourselves a few questions. Take the Pacific link pipeline project, for instance. Is this a project of national interest aimed at the well-being or economic development of the people of Quebec? I am not so sure. Let us ask ourselves two or three fairly simple questions. If Pacific link is built, it will cost $43 billion in public funds. That is a huge amount. We also have to factor in that $36 billion has already been put into another pipeline. Let us think about that. It is a massive use of public money to feed the greedy oil and gas industry. If I were one of my Liberal colleagues, the first question I would ask myself is where these energy exports are going.
If we look at this more closely, in 2024, we exported $197 billion in energy. Of that $197 billion, $147 billion came from oil alone. Roughly speaking, Canada exports between 75% and 80% of its energy to the United States each year in all forms: gas, oil and electricity. However, when we look at oil exports alone, 91% of all oil exports in 2025 went directly to the U.S.
I do not understand the magical thinking that somehow by just building pipeline infrastructure, we are going to export more oil to Europe. There was even talk of Asia earlier. Certain members said that this evening. I heard the member for Halifax and the member for Guelph answering questions and saying that we are going to export more oil. I do not know how they are in a position to say that, but the president of the Canadian Association of Petroleum Producers appeared before the Standing Committee on Natural Resources this week and said that, no, our main market will always be the U.S.
The Minister of Artificial Intelligence and Digital Innovation said the same thing earlier. He said that if we export more oil, we will be able to sell it at a higher price because, right now, we are selling it at a discount to the Americans. No one supports that. Even the deputy minister of international trade, whom I saw this week, cannot say whether the government has a target.
Does the government have a target? Does it want to reduce oil exports from 91% to 40% or 50% by diversifying our markets? No one in the government can tell us whether there is a target.
Therefore, when I ask myself where our energy exports go, the answer is without question the United States. Furthermore, when it comes to oil, 91% of our exports go to the U.S.
Why build a pipeline? Why undermine certain environmental regulations, as we see in section 3, to ensure the Americans' energy security? How is it in Canada's national interest to ensure the Americans' energy security? I find this completely outrageous.
Next, we can ask ourselves another question: Who owns the oil companies?
When we look at the ownership structure of all the major players in the Canadian oil and gas industry, we see that, while 80% of these major companies are owned by foreign interests, 60% of them belong to American interests, so the major oil and gas companies are mostly American-owned. I would remind members that oil is one of the only consumer goods that we export that is not subject to tariffs. There are no tariffs on oil. Ninety per cent of Canada's oil exports are sent to the United States tariff-free, and the owners of the major oil and gas companies are American.
From 2021 to 2024, these people made $131 billion in profits. That means that they sent $80 billion in dividends outside Canada. That is a capital flight of $12.5 billion a year that leaves Canada and mainly goes to the United States.
We asked ourselves two very simple questions. Where are our oil exports going? Who owns the oil companies?
In both cases, I have yet to find anyone here who was able to show me that it is in Canada's national interest to put $44 billion into a pipeline. We are certainly not the ones who will benefit from it. We are helping to keep the Americans energy secure and helping them make more profits, and it is Quebeckers and Canadians who are paying for that.
I was saying that dividend profits totalled $80 billion from 2021 to 2024. The latest figures are even worse. This past summer, in July, Cenovus said it was going to post record profits in the second quarter. We are in the second quarter now. It made $2.8 billion. That is four times more than it managed to earn in 2025.
When I look at this, I really do not see how anyone can argue that this legislation will strengthen the Canadian economy, when it is actually about undermining environmental laws to give Americans greater energy security and provide American companies with more revenue, even though those greedy companies have made record profits in recent years.
Worse still, what is even more shocking is that the major unions that came to see us at the Standing Committee on Natural Resources told us that the increase in oil production does not come with an increase in jobs. The government often says that the oil sector is important because it supports so many jobs. The unions tell us that this does not translate into more jobs, because companies are investing in automation. They do not want to invest in their infrastructure. It is sheer idiocy. The government is destroying the environment so that, during a tariff crisis, American companies can rake in more profits on oil while ensuring American energy security.
Can any Liberal member explain the logic to me? I would appreciate that. Otherwise, I would ask them to forever hold their peace. There we go.
