Mr. Speaker, I want to make a point and get the member's comment on it. The commodity we are talking about is energy. It is not about gas, or natural gas, or oil or hydro.
As an example of what we will be facing, on July 1 the Ontario Energy Board approved an increase in natural gas per cubic metre from 27¢ to 31¢, about a 15% increase. At the same time, the independent gas marketers were selling three-year contracts ranging from 40¢ to 42¢ compared to 31¢, the currently approved rate. The independent gas marketers purchase these gas reserves under long term contracts. That is the reality. According to these contracts, it is probably a one-third increase in the cost of natural gas by the end of three years.
There is no question that Canadians will be faced with higher energy prices over the next three to five years. We need a strategy to deal with it. However, there comes a point at which time we cannot cut taxes or the GST. It is $400 million per 1¢ of tax which means that 5¢ would be $2 billion. It will not be enough to deal with the massive increase. We need a strategy to deal with energy consumption, particularly with regard to some of the elements of Bill C-66, like the retrofits and the energy upgrades. We need to be smarter with our energy. We just cannot buy our way out of this one.
Could the member comment on this?