Thank you, Mr. Chair.
I want to start off by just going back to something Mr. Kruger said around the taxes that your companies pay. This is from Canadians for Tax Fairness. They note that:
From 2021-2023, the oil and gas industry recorded $132.0 billion in pre-tax profits, second only to the real estate industry among non-financial industries. Among the 10 most profitable industries during this period, [the oil and gas sector] paid the lowest effective tax rate, 8.0%. This is because the oil and gas industry makes disproportionate use of tax credits and capital cost allowances. The industry received over $20 billion in tax credits from 2010 to 2021.
It is unfortunate that our current government continues to give out huge fossil fuel subsidies, huge tax breaks, to an industry that is raking in record profits and paying an incredibly low tax rate.
I also want to talk about the lobbying that is happening. There is a clear analysis that the oil and gas emissions cap proposal is already set so low that it is easily achievable if your companies simply follow through on the voluntary climate promises you have already made.
It's pretty concerning to learn that you have been actively lobbying to undermine it, and you've also been actively lobbying against an excess profits tax on the oil and gas industry, and effectively, because we've learned through The Globe and Mail, that the finance minister was considering this and then backed down in the face of lobbying from your industry.
I'm curious as to why you consistently try to lobby against the policies you say you're potentially in support of because you want to get to net zero.
Maybe we'll start with Mr. Kruger and then we can go to Imperial with Mr. Corson.