Mr. Speaker, $500 billion is the amount the oil and gas industry has contributed to Canadian governments in tax revenue over the past 20 years. Canadians have spent the same amount of money, half a trillion dollars, importing oil at world prices from foreign suppliers over the past 30 years without any meaningful contribution to Canadian tax revenues.
When I hear the word “subsidized” being applied to Canada's oil and gas industry, it makes me wonder. “Subsidized” and half a trillion dollars in contributions do not reconcile. Surely, no informed Canadian would repeat such a nonsensical narrative. When false narratives marginalize this contribution, we need to ask, “How do we replace $500 billion?”
Canadians enjoy a great standard of living. Our environmental protection and our social programs are the envy of the world. What makes that possible? It is $500 billion from our responsible Canadian oil and gas sector.