Mr. Speaker, in 2005, the oil industry as a whole made net profits of $28 billion, which is an increase of 59% compared to 2003. Between 2005 and 2008, the oil companies will have their taxes reduced by 65% thanks to the tax benefits offered by the former government that were enhanced by the current government.
Can the Prime Minister explain why he felt the need to reduce taxes for the oil companies, like the Liberals did, when they are enjoying exorbitant surpluses and do not need such a generous gift?