Mr. Speaker, something amazing is happening in the United States. Almost a decade after the Enron loophole was opened during a flawed attempt at deregulating the energy market, the Obama administration is looking to close it. However, here in Canada nothing is happening.
Two summers ago, as we all recall, gasoline prices soared to a national average of $1.45 per litre. Diesel, jet fuel and other heating distillates soon followed. High and volatile fuel prices drive up inflation and hurt Canadians, business and the energy industry itself.
Canadians deserve a government that will take these issues seriously. We now know that increased and unregulated speculation in the energy commodities market, including over the counter trades right here in Canada, and not market fundamentals, are the cause of these volatile energy prices. Governments around the world are taking this issue seriously and are looking for solutions.
To avoid a repeat of last summer, I am calling upon the Prime Minister to do more than say there is nothing that he can do. If our government is not part of the solution, then it is part of the problem. Canadians deserve a government that can indeed do better.