I know they do not like the truth. I can hear the Liberals making all kinds of noise on the other side. The previous government failed in so many ways.
Since we are talking about gasoline I will talk about energy, something that is very important to this government. We recognize how important it is that we change our dependency on oil. Right now, globally, we burn about 1,000 barrels of oil a second. If we translate that, we burn globally about 86 million barrels of oil each and every day. That is an enormous amount of oil.
Our government recognizes that we must invest in other forms of energy. We have invested $1.5 billion into renewable energy to bring more energy such as wind, biomass and tidal. Our government installed for the first time a tidal turbine in North America off the coast of Victoria near where I live and it is now producing electricity. The energy is absolutely clean and emission free. There is no pollution. We have invested in small scale hydro.
Those are the types of actions that we taking. Everything our government does is focused on results. We have invested $230 million on a targeted initiative to do research into technology to clean up our conventional energy. These are tangible things that we believe can make a difference, everything from technology for clean coal to taking all the emissions out of coal-fired electricity generation to doing carbon sequestration.
We have launched the Canada-Alberta ecoenergy carbon sequestration task force that will report back to myself before Parliament rises at the end of June on what we need to do to put CO2 gases back into the ground and what we need to do to construct a CO2 pipeline.
Those are all initiatives brought in by the Conservative government that will get real results on the environment. I know the Liberals keep talking and complaining but they were in government for 10 years and did not get the job done. In their dying days in office, all of a sudden they had this deathbed conversion that they somehow cared. Quite frankly, that was a little late. Canadians were tired of it and we saw the results in the last election.
All of our initiatives are focused on delivering results. The worst part of of this is that after the Liberal Party did nothing for so long they are coming back with a very reckless approach. There is no other way to describe it. There is no balanced approach. It is important to this government that we recognize the importance to the economy and the importance of jobs to Canadian in every corner of the country, while at the same time delivering strong action on the environment.
The opposition members have brought forward a motion calling for changes to the Competition Act but what they are asking for is completely within the powers of the Competition Act today, and I know the member opposite is well aware of that. In fact, when the Liberals were in office they brought this forward six times and we know the results of that. They do not like the results but those are the results.
I would be the first one to line-up, where we have evidence that suggests that this is being violated, to call for an investigation and ask that it be done aggressively to ensure the violations are pursued with vigour. It is not acceptable.
Our government will continue to work with Canadians by lowering the GST and taxes in general to ensure Canadians have more money but the solution is not to bring in regulations and not to fix the price of gasoline. It must to be market-driven. For anyone to suggest otherwise would actually result in higher gasoline prices.
For those who are following this debate, I would ask that they really look at what all three opposition parties are calling for because this motion is a bit of a smokescreen. They brought in a motion showing that they would like some changes made to the price of gasoline when in fact every opposition party, the NDP, the Bloc and the Liberals, support a policy that would, without question, cause the price of gasoline to rise by at least 60%.
They do not like it. I can hear the moans and groans. Why do they not like it? It is because this number has been put out by some of the country's leading independent economists. Those are the facts. This was not just one economist, this was by some of the leading professors of various departments at universities from right across the country.
It is important for Canadians to realize what all the other parties are pushing for. If they had their way, gasoline prices would rise to $1.60, $1.70 and then up to $2 a litre. That is unacceptable because that would cause serious harm to our economy, something that the Conservative government will not contemplate. We will use a balanced approach where we can ensure we have a strong economy and deliver real reductions for the environment, something that we are doing each and every day.