Madam Speaker, a report from the Centre for Future Work is predicting that we are going to see an additional $50 billion in consumer costs, or a 4.2% increase in inflation. That is if the Strait of Hormuz closed today. We have not seen an increase of even one cent on the production of oil and gas, yet oil and gas profits are skyrocketing. At the same time, the Centre for Future Work is predicting that we are going to see a $65-billion-plus increase in excess profits. What this bill would do is actually increase the debt. Canadian taxpayers pick up the tab anyway. We want them to get relief right now.
Does my colleague agree that an excess profit tax would help alleviate the pressure on the Canadian taxpayer and that oil and gas, when they are winning big like this, should contribute more? We heard the Conservatives even say that the Liberals have taken their agenda and are implementing their agenda. We know that Conservatives in Britain implemented an excess profit tax on oil and gas, but these Liberals will never do it. We are seeing record profits. There is no threshold of profits before they implement an excess profit tax.