Mr. Speaker, I have a petition signed by hundreds of people from the quaint Ontario communities of Finch, Crysler, Apple Hill, Cornwall, Berwick, Monkland, Roxborough, Moose Creek and Maxville.
The petitioners point out that gas prices at the pump are not indicative of the true cost of gas. When gas prices go up, they go up immediately at the pump, but when gas prices go down, they do not go down at the pump.
Considering that there is 5% GST, 10% federal excise tax, and 14.7% provincial tax, the petitioners would like the federal government to reduce federal taxes and put in a mechanism where companies would have to justify a proposed increase in gas prices and also be required to give 30 hours' notice of that increase. The petitioners also indicate that when the price of a barrel of oil goes down, the price at the pump should automatically go down at the close of the stock markets on that day.