Mr. Speaker, I rise today to ask for an emergency take note debate on the price of gasoline Canadians are paying at the pumps.
Last week, the Conservatives heard from Canadians that their number one issue, overwhelmingly, was the price of gas. Canadians are saying that they are being gouged at the pumps.
Let us look at some of the figures.
Crude oil today is $64.20 a barrel. In February 2006 crude oil was the same as it is today, $64.20. The average price of gasoline today is $1.09 right across Canada, while in February 2006 the average price was 85¢. That is a difference of 24¢ per litre.
The price of crude oil on May 28, 2007 is $64.20 per barrel and the price of gasoline is $1.09. The last time that we had a price of $1.09 per litre of gasoline was July 31, 2006 and the price of crude at that time was $78 per barrel. That is a difference of $13.80 per barrel. Across Canada, an extra margin of 1¢ per litre generates an additional profit of $1 million per day.
In December 2005, gasoline prices were approximately 82¢ per litre. Today, the average price for gasoline is $1.09 per litre. This is an increase, under this government, of 32%.
Let us look at the net earnings by company.
Suncor had net earnings of $2.971 billion in 2006 and $1.158 billion in 2005. That is an increase of 156% or $1.813 billion.
Petro Canada had net earnings of $245 million in 2006 and $115 million in 2005. That is an increase of 113% or $130 million.
Husky Energy had net earnings of $2.726 billion in 2006 and $2.003 billion in 2005. That is an increase of 36%.
Let us look at net income by company.
Imperial Oil had a net income of $3.044 billion in 2006 and $2.600 billion in 2005. That is an increase of 17% or an increase overall of $444 million.
Chevron had a net income of $17.138 billion in 2006 and $14.099 billion in 2005. That is an increase of 21% or an increase overall of $3.039 billion.
Profits of $6.149 billion over one year.
When this government and this Prime Minister were in opposition, the hon. Prime Minister said on October 6, 2004:
It is time we axed the tax on tax. We would also eliminate the GST portion on gas prices that go above 85¢ per litre to prevent the government from reaping windfall profits on top of high gas prices.
Similarly, the then leader of the opposition, the Prime Minister today, on Monday, September 26, 2005, said, “Rather than continue to rake in record high revenues from record high oil prices, will the government simply cut gas taxes for consumers?”
That same day, the hon. Prime Minister continued and said, “Mr. Speaker, every time gas prices rise a cent, almost $40 million goes into the coffers of the government. It should stay in the pockets of consumers”.
The Minister of National Defence, the member at that time for Carleton—Mississippi Mills, stated on October 5, 2005:
Gasoline taxes account for an average 40% of the pump price. GST is charged on the pump price, gasoline taxes included. It is a tax on tax.
Clearly, this government, as one my constituents said, versus jumping into bed with big oil companies, should do the honourable thing: lower the price on gasoline and make sure that Canadians are not gouged every day. Or, as he put it plainly, “It is time that the government started screwing them versus being in bed with the oil companies”.