Madam Speaker, according to the government regulation that the Bloc Québécois never voted for and will never get to vote for because it is a regulation, the industry must to reduce its greenhouse gas emissions. Government officials calculated that this will cost the industry up to 17¢. If this regulation were not in place, the situation would still apply in Quebec since Quebec has a similar, if not slightly stricter, regulation. To justify this requirement, the government gave the oil industry tens of millions of dollars in subsidies, saying that it was to help the industry reduce its emissions. That means that most of the cost will be covered by subsidies.
Take, for example, oil extraction in western Canada. I would like to remind the House that the price is negotiated on the New York Stock Exchange. What portion of the price at the pump covers oil extraction? The New York Stock Exchange is the one that decides. Is the government's regulation sufficient to drive up the price of oil in New York? I do not think so.