Mr. Speaker, that comes as a surprise to no one. My colleague from Berthier—Maskinongé made it very clear that the Bloc Québécois is disappointed in the budget statement, as did my colleague from Mirabel in his response to the Minister of Finance and National Revenue. I think that his answer was very well put and it showed all the shortcomings of the economic update.
This week, in response to oral questions, I heard my Liberal colleagues say many times that they want to build Canada. The update document does talk about building Canada. However, I would like to finish the sentence, because I think that, in reality, they are building Canada while ignoring Quebec. That is what the document should have been called, and I will explain why.
I have a little tip for my colleagues. When we want to understand the intent of a government document or proposal, like a budget or an update, there is usually a fairly simple trick. All anyone has to do is search how many times certain words appear in the document. My colleagues will see where I am going with this.
Just for fun, I checked to see how many times the word “forest” or “forestry” appears in the economic update. Those words appear six times. Then, I checked to see how many times the word “aluminum” appears in the economic update. We see that word 12 times, which is a bit better. I also checked to see how often the term “climate change” was used, and the answer is five times.
When I searched for the word “gas”, I hit the jackpot at 43 times, but the real winner was the word “oil”, which is used 153 times in the economic update.
Why am I talking about this? We immediately see where the government's priorities lie. Given what is happening right now, the economic update should have responded to the tariff crisis to help the industries in Canada that are currently facing the highest tariffs.
Which two industries in Canada are facing the highest tariffs? First, there is the aluminum industry. As we know, primary aluminum producers are managing to get by without too many problems, but this is catastrophic for aluminum processors. The 50% tariffs are catastrophic for them. Many are operating on credit and struggling to stay afloat right now. There will be consolidations unless the government takes action. That is for the aluminum industry, which is mentioned only 12 times in the economic update.
The other sector facing the highest tariffs, and the one most severely impacted by U.S. policies, is the forestry sector. It is subject to 45% tariffs. This figure is the sum of a 10% tariff, countervailing duties, and anti-dumping duties. This means that every time a forestry producer ships $100 worth of products to the United States, $45 is taken from them, stolen. Not many companies can survive with margins cut by 45%.
There is another key factor that has emerged in recent weeks. In fact, we were the ones who sounded the alarm for the government, pointing out that, under a new decree, 25% of the total value of aluminum products will now be subject to tariffs, which is destroying Quebec's industrial base.
Is this addressed in the economic update? No, at no point does it offer a solution to the problems facing the aluminum and forestry sectors. This makes me think that the goal is to build Canada while ignoring Quebec.
I will return to the many repeated proposals we have made. I can talk about that right now. Time and again, we have proposed solutions to the government for addressing the tariff crisis surrounding softwood lumber. The government has always turned a deaf ear to them. What we see in the economic update when the word “forest” appears is a rehashing of what was announced back in August and subsequently expanded. Nothing is new under the sun. We are still in the same position with a liquidity program ill-suited to the needs of people in the industry.
We have made concrete proposals to the government with people involved in the forestry sector. We proposed that the government buy back a portion of the countervailing and anti-dumping duties at the end of each month.
The government would not necessarily have to pay out this money, since the anti-dumping duties that are currently being held in the United States will eventually be recovered. The government could therefore recoup its costs. We proposed this solution, but the government never wanted to talk to the Bloc Québécois to try to implement it. The same goes for aluminum.
If the economic update is about building Canada while ignoring Quebec, what does this economic update actually contain? In my view, the government's primary intention is to build infrastructure to export energy. The fact that the word “gas” appears 43 times and the word “oil” appears 153 times clearly reflects the government's intention to build oil and gas infrastructure in order to export more oil and gas.
We had this discussion at the Standing Committee on Natural Resources. We heard from Hydro-Québec. Sometimes I like to be a bit mischievous. I asked Hydro‑Québec, which has built two major lines allowing Quebec to export energy to the United States, one to New York and the other to Massachusetts, how much financial support it had received from the federal government to do so. The answer was zero. The federal government did not offer Hydro-Québec a single penny in financial support to develop this energy export infrastructure. We are talking about clean energy, about hydroelectricity. It is a different story when it comes to the oil and gas sector.
What does the economic update contain? It includes an increase in the carbon capture and storage tax credit. That information is not coming from me. The former environment minister has stated on numerous occasions that more money has been invested in promoting carbon capture and storage than in certain carbon capture and storage projects themselves. It is a bottomless pit, and it is completely illogical to try to produce clean oil, but notwithstanding that, we know that Export Development Canada, or EDC, put $102 million into the carbon capture and storage sector in 2023. In 2022, $464 million was poured into this sector, which in no way serves the interests of Quebeckers. I will come back to EDC. When we look at the overall support for the gas and oil sector, we see that it is completely outrageous.
The federal government is trying to respond to a tariff crisis by supporting the Canadian energy sector. The question that troubles me is this: Who benefits from the Canadian energy sector? People looking for an answer to that question will find something quite shocking. When looking at the ownership structure of the major oil companies, it becomes clear that 80% of these major oil companies are owned by foreign interests. I repeat, 80% of the ownership structure of the major players in the oil sector belongs to foreign interests. Furthermore, 60% of the ownership structure belongs to American interests. What does this mean? It means that the energy lobby, which aims to boost the Canadian economy, is working to the benefit of American interests.
Here is a hair-raising fact. From 2021 to 2024, these people made $131 billion in profits. Did they invest in their infrastructure? No. They asked the federal government to take on the risk for the infrastructure while they raked in the profits. I have never seen a model like that. Capitalism is based on people assuming risks with their own money and then reaping the profits. That is not what the oil companies want. For the oil companies, it means having the government assume the risk so they can reap the profits. They produce 12.3 billion dollars' worth of capital flight.
The federal government left Quebec out of its economic update. Instead, it is trying to help the big oil and gas companies that send their money to the United States. That is completely outrageous.