Mr. Speaker, I would first like to inform my colleagues that I will be sharing my time with the hon. member for Joliette—Manawan, who does excellent work in the House and who used to be our finance critic. I am assuming he will have a lot to say because he is now our critic for economic affairs. These are equally important roles because they are closely related.
Today, we are debating a Conservative motion that, not surprisingly, once again deals with oil and gas. That comes as no surprise because it is extremely rare to have a Conservative opposition day that does not focus on these issues. As far as I remember, it has happened only once in this Parliament—and I believe that I pointed it out to the House when it did—even though the Conservatives have an opposition day almost every week or sometimes even twice a week. I invite them to try a little harder and to be a little more creative next time.
In essence, what the motion before us is saying—and we may have a chance to talk more about this later—is that the cost of living is high, people are having a hard time making ends meet, and the cost of gas went up, so the gas tax should go down.
There is one thing in their motion that I actually think is good. They point out that the price of gas is 13% higher here than in the United States—we pay an extra 22¢ per litre—and that gas now costs 50¢ more per litre than when global oil prices were at the same level in 2014.
That is pretty interesting. They themselves are indirectly admitting that there is a problem. Why is gas pricier at the pump if the price per barrel is the same as it was in 2014? Are some people cashing in along the way? That is something worth exploring. My Conservative colleagues may have an opportunity to elaborate on that statement because we do not often hear them criticize oil companies, which are more accustomed to lining their own pockets than the other way around.
I also want to note that the Bloc Québécois will be voting against this motion. That should come as no surprise to anyone. We are not big fans of oil and gas companies. Essentially, if this measure is implemented, there is a risk that the deficit will get even bigger and that oil and gas companies will get more leeway to raise their prices so they can line their own pockets even more.
For our part, we work for everyday people. We do not work for the oil and gas companies, unlike the Conservatives and the Liberals. These days, the Liberals have teamed up with the Conservatives to defend the oil and gas companies practically on a full-time basis. I think that is just about the only thing they have accomplished in the year since the new Prime Minister took office.
I want to get back to the fact that the Conservatives are saying today that the Liberals have not done enough. In their speeches so far, the Liberals have said that, a few months ago, they cut gas prices by 10¢ a litre, which is the equivalent of the excise tax. It is a temporary measure that is theoretically supposed to help the taxpayers who are struggling the most and that will be in effect until September.
We said it at the time about this measure. The Conservatives keep making a big fuss about the federal deficit. Let us be clear: the federal deficit is significant, it has reached record levels, and it is worrisome. I think they are right to make such a fuss about it. We do the same on many occasions.
Generally speaking, when the Conservatives propose measures, we would expect them to be aimed at reducing the deficit, given the context. Instead, they are proposing measures that will only increase the deficit even further.
They are not satisfied with the $2.4 billion the Liberals added to the deficit by temporarily eliminating the 10¢ excise tax. They want even more than that. They say one thing and do the opposite.
As we know, the Liberals have already lowered the price at the pump by 10¢ and temporarily eliminated the excise tax, not out of the goodness of their hearts, but because the Conservatives were constantly demanding a reduction in the gas tax. They ultimately came up with a sort of compromise.
The Liberals decided they would do something symbolic to give the impression they are helping people. The hope was that this would ease the pressure and they could say they had cut the gas tax and beat the Conservatives at their own game. That is essentially the Liberal reasoning behind it. The Liberals are telling people they will save money at the pump, but the reality is quite different. The Parliamentary Budget Officer has done the math and said that it is not the poorest Canadians who will benefit from this situation, but the richest.
The government is telling the poorest 20% that they will get an extra $59, which is maybe the cost of filling a Honda Civic when gas is cheaper than it is at the moment. The richest 20%, on the other hand, will receive $211, which is far more money. Based on my calculations, they will get four to five times more money than the poorest people will. Is that what helping people is all about? Is that what helping ordinary citizens is all about? I am not entirely convinced that the government has chosen the best approach.
The Conservatives are proposing something similar today. They do not want to just suspend the excise tax temporarily; rather, they want implement permanent measures, or at least measures that would be in effect until the end of 2026, measures that would affect not only the excise tax but also the GST. I want to point out in passing that the Conservatives are always talking about making life more affordable for Canadians, but they have never proposed removing the GST on electricity, for example, even though electricity is a clean energy. No, they are proposing to eliminate the GST on gas, which emits greenhouse gases. Perhaps they could add electricity next time.
The Conservatives are always saying that we should operate on a level economic playing field, that we must not subsidize electrification. Basically, they want to help people, but only those who choose gas rather than electricity. That was just a quick editorial comment, by the way. Basically, what I want to say is that, rather than adding $2.4 billion to the deficit, the Conservatives' proposal will add about $5 billion to it. That is not $5 billion including the $2.4 billion, but $5 billion on top of the $2.4 billion that has already been approved. That would mean approximately $7.4 billion in tax breaks for oil, which is a lot of money.
We are not opposed to helping those most in need. We are not opposed to helping the middle class. However, as the Parliamentary Budget Officer's calculations have already shown, this kind of tax will primarily benefit those at the top rather than those at the bottom. We have a problem with that, especially when we see that the wealthiest are ultimately the ones who benefit. What the Conservatives are telling us is that the rich need to get richer and get even more tax breaks. Meanwhile, the government will have to tighten its belt, and everyone will have to pay for that deficit.
What is even more interesting is when the Conservatives mention that the price of oil has gone up over the past year. Why has it gone up? We know that it is because of the war in Iran. How has this affected ordinary people? They are paying more, of course. However, who has benefited from higher gas prices and the higher price per barrel? It is not us. It is the oil companies.
Look at Suncor's stock price, for example. In January of this year, Suncor shares were trading at $60. Today, in May, they are trading at around $90. That is a 50% increase. Suncor shareholders have benefited. However, it does not cost the company more to produce oil. It does not cost more to supply its customers. It is making more money off us, but the Conservatives are not putting the blame on them, and neither are the Liberals.
Here is another example. In January, Imperial Oil shares cost $120. Now, in May, they cost $180, which is also an increase of more than 50%. Suncor CEO Rich Kruger was paid $36 million in 2024. I am guessing he can afford to fill his tank. He has the money. Putting gas in his car is no hardship for him.
These are the people the Liberals and Conservatives want to help. I think that is sad, especially since, according to Environmental Defence, fossil fuel subsidies hit the $10‑billion mark in 2025. Oil and gas companies are not giving us a discount on gas even though they were given $10 billion. They are making money hand over fist and their share prices are skyrocketing, yet the Conservatives and the Liberals are eagerly joining forces to help oil companies even more. I think that is outrageous. The government should be helping real people, not oil companies.