Mr. Speaker, there is no question that refinery capacity is at an all time low and there are issues dealing with that. I suggest to the member that refining capacity has been and continues to be a major problem. I think that is admitted by everyone, including the oil companies. What are they doing about it is a different issue, but there clearly is that problem.
I would suggest that the member's initial premise is absolutely correct. That has in fact been the trend with regard to pricing and crude oil prices and until recently that has been the case.
Yes, there is a lot of speculation in the marketplace. Some were reporting that we would see gas at $2 and $3 a litre last weekend. In fact, it did not happen, but again, it may happen because of some hurricanes which may impact on the United States but not this country.
We need time to bring all of the parties together and suggest that we need to see decisive action, particularly in the area of monitoring. There must be an ability to assure Canadians that when prices go up in this particular industry which affects Canadians in every walk of life, that in fact oil companies can justify that increase and be accountable, and at the same time ensure they make a reasonable profit. I am sure nobody has a problem with that. What we have a problem with appears to be the issue of gouging.