Thanks to the witnesses.
I'll be sharing my time with Madam LeBlanc.
I have one question that I'd like to ask Mr. McTeague and Mr. Greenberger.
You may have heard that in the previous panel I cited a study that showed that on May 12 the oil industry was making an excess profit based on the per-litre price. That day in Toronto it was 25¢ per litre, based on that day's crude oil prices, exchange rates, and taking into account all taxes.
The estimate is that every one cent of price-gouging generates an excess profit of about $1 million per day. So that means we are looking at $25 million across the country in excess profit for that one day. That's money taken out of the pockets of ordinary families who are already stretched to pay their bills.
I'd like to ask both of you, do you feel that is a fair indication of the amount of price-gouging and excess profit that is currently affecting consumers in Canada?
Now I'll turn things over to Madam LeBlanc.