New Democrats are calling for an excess profit tax on oil companies that are making billions of dollars in profits
NDP Finance Critic Daniel Blaikie and Critic for Innovation, Science and Industry Brian Masse, say the rising price of gas is taking a toll on Canadian families.
They are calling for an excess profit tax on oil companies who are making billions of dollars in profits, according to a news release. The proposal would allow for the tax revenue to be redistributed to Canadians to provide a way for the government to step in and “stand up to massive oil companies who are gouging people at the pumps.”
“The steep climb in the cost of gas is making day-to-day life even harder for Canadians who need to drive to work, get their kids to school and visit loved ones after months of isolation during the pandemic,” said Blaikie. “Meanwhile, many of the biggest corporations are lining their pockets with profits way above their pre-pandemic norm. The rigged system set up by Liberals and Conservatives means the ultra-rich can walk away with that cash while the rest of us are left to figure out how to foot the bill. This isn’t right and it’s time something is done about it.”
Oil companies like Enbridge made $1.84 billion in net income last year while Canadian Natural Resources and Suncor made respectively $2 billion and $1.5 billion in net income in the fourth quarter alone. While Imperial Oil made enough money to increase its dividend by nine per cent in the fourth quarter.
BayToday tried to interview Ontario’s Minister of Northern Development, Greg Rickford, multiple times about gas prices but got no response.
“People expect the government to show leadership and take action to help them and their families. Not throw up their hands and say it’s not my fault, figure it out on your own,” said Masse. “By taxing excessive profits and redistributing that money to Canadians, people will have more help to deal with the rising cost of living and take care of themselves and their families. Our proposal means Canadians will get some of the money that they are paying at the pumps back into their wallets.”