Mr. Speaker, elementary wisdom and prudence have taught me never to answer hypothetical questions. Still, out of courtesy and friendship for my hon. colleague, I shall step out onto the slippery ground where he has invited me to venture.
I do not think that the question right now is to determine what Quebec would do in a similar situation, although I shall answer just for the pleasure of doing so. I will say then, on one hand, that, for decades, Quebec's investments in energy development have been in forms of renewable energy. It has invested in hydroelectricity and never received a penny, not one red cent, of federal subsidies. Quebec developed its hydro alone, while the federal government was massively subsidizing the development of petroleum-based energy in Alberta, for example. That is the end of my digression; I will return to the question.
Should oil sources be discovered in the Eastern Townships what position would Quebec take? We would applaud it because it would increase Quebec's wealth and—it goes without saying—our equalization payments would go down. In any event, it would be great. Quebec does not enjoy receiving equalization. We are not thrilled about it. We would much rather have structuring investments by the federal government in purchases of goods and services.
What does Quebec currently get from the federal government? We get 75% of the money allocated for Canada Day, while Quebec represents only 25% of the population. In other words, 75% of the money for fireworks, hotdogs and balloons is good enough for Quebec. We also receive equalization. We would like to have 25% of structuring investments since Quebec represents 25% of the Canadian population. Structuring investments by the federal government in Quebec amount to only 12% to 15%.
Yes, we would be happy if we found oil sources in Quebec. If it meant a decrease in equalization payments, so be it.