Still in May, the retailers' margin was 4.9¢. Since then, the price at the pump has continued to reach new highs. As we will see, these spectacular increased are the results of the combined increases in the price of crude and refining margins. It is clear that the significant increases in refining profits are no accident. They are the result of a strategy aimed at gradually weakening competition and creating an artificial shortage that drives up the price of fuel.
In recent years, sporadic supply outages have affected independent distributors, and even truckers, who have had trouble properly supplying their fleet. These harbingers indicate that the supply problem is real. It has in fact been exacerbated by the recent closure of a Petro-Canada refinery in Oakville, which is depriving Ontario of more than 100,000 barrels a day of petroleum products. Moreover, it is Quebec's refineries that are diverting a significant portion of their production to fill this void. When we know that a large portion of the production of Quebec refineries already leaves the province, to the point where Quebec's deficit is an estimated 150,000 barrels a day, there is clearly cause for concern.
Canada can contribute to initiating a movement which would make it possible to build new refineries and potentially increase the number of companies involved in refining. In addition to representing a profitable investment, the prospect of new refineries being built in Quebec and elsewhere in Canada would guarantee consumers, and independent oil companies, an uninterrupted supply, while maintaining downward pressure on prices. There is no question that these considerations respond to energy security concerns in Canada.
Finally, the idea of a special tax on excessive refinery profits strikes us as an attractive idea. We propose that revenues generated as a result of this special tax be returned to less well-off consumers. Quebec recently introduced similar measures which were not met with criticism.
Thank you for your attention.