Mr. Speaker, I thank my colleague for her question because it is an important one. Self-regulation does not work.
Some people might not like what I am about to say, but with all due respect, big oil companies and big money-making corporations self-regulate only insofar as it puts cash in the bank. They have no problem with that. This government is on board. This is a dangerous game to be playing, though.
This is about oil companies and the possibility of a spill that could devastate the entire Chaleur Bay fishery—an example from my home turf—and the Gulf of St. Lawrence fishery too. If there is a spill, taxpayers will be expected to foot the bill because the government does not want to create regulations that require companies to pay compensation for that. I find that completely unacceptable.
If a company does not bear much responsibility should a spill occur, and if an incident would not cost the company much money, it has no reason to self-regulate.
What we have are practices that let these boats go full tilt. They sail at 50 knots. They go as fast as they can to maximize production and make money. If there is a spill, however, taxpayers are on the hook for that. All the companies do is declare bankruptcy; some have done so in the past. There is no guarantee. The only guarantee is the one provided by Canadian taxpayers, even though the government is responsible for protecting Canadian taxpayers, not just big oil companies.