Mr. Speaker, I would like to respond to my Conservative colleague's statement on this issue because I feel it is important that the Conservatives understand this issue fully.
The Standing Committee on Industry has been studying this issue for several years. We realized that we will never succeed in applying the Competition Act because we need formal proof of collusion. If we do not find any, we start over. This approach will never solve the problem.
The oil industry felt that it would be a good idea to have a petroleum monitoring agency so that the debate can be continued elsewhere. This would require amending the Competition Act.
I would like to ask my colleague to expand on his points so that our Conservative colleagues, particularly the newly elected members, can understand the importance of this amendment. We must ensure that our Competition Act is up to date vis-à-vis other competition legislation around the world. The problem is not unique to Canada. We have this problem because we have not changed the law, but many other countries are facing the same problem. The competition commissioner held consultations and reported to the committee that this is a good idea.
I would like my colleague to share his opinion on this issue, and add some more points to the debate.