Mr. Speaker, I appreciate the opportunity to ask my colleague a question on Bill C-66. It is important to note that the bill does not really deal with the systemic issue of the oil and gas industry in the Canadian industrial as well as consumer driven society.
Despite the testimony we heard before the industry committee on this issue, there has not been a progressive approach to dealing specifically with the issue of refining capacity. The testimony before committee stated that 95% to 97% is done in Canada. At the same time, we do not have the oil and gas industry making the investments back into the system which is necessary to solve this problem.
Currently, the federal government provides tax incentives and subsidies of $1.4 billion annually to the oil and gas sector as well as having a corporate tax reduction, which will fall significantly over the years. It will fall from 28% in 2000 to 21% in 2007 at a time when we have had record profits at the pump as well as record prices at the pump.
Does the hon. member agree that this is the best way to go or should we actually be taking that money away from the oil and gas industry and investing it back into alternatives which will be more successful for our future?