Provincial Green leaders call for oil and gas windfall tax

Provincial Green parties across Canada are renewing calls for a windfall tax on oil and gas companies ahead of next week’s first ministers’ meeting.

That includes the opposition party on Prince Edward Island, which says people should be getting a share of those profits back.

Despite a drop in fuel prices this week, it’s hardly a relief at the pump.

Prices across the Atlantic region are still hovering near the $2.00 per litre mark — renewing calls for the federal government to issue a windfall tax on fuel company profits.

“We’re seeing everyday Islanders and Canadians struggling to meet the cost of the absolute basic necessities,” said P.E.I Green Party leader Peter Bevan-Baker.

“At a time when these corporations and their shareholders are raking in the biggest profits they’ve seen in decades”

Suncor, which owns Petro-Canada, made $2.8 billion in operating profit in the first quarter of 2022, more than triple the $750 million through the same time in 2021.

At the time, gas prices were sitting roughly between $1 and $1.25 a litre.

Meanwhile, Imperial Oil, which operates Esso, reported its highest net income in 30 years, nearly $1.2 billion.

For many, that’s too much.

“Oh 100 per cent,” said Tristan Gray. “I think that’s just something that should definitely happen because, with the price of crude dropping, there’s no reason for gas prices [to be] this high."

Others agree.

“If their profits are deemed too high and unreasonable sure, absolutely,” said Connor Taylor. “I think we’re feeling it on our end, and if they’re reaping the benefits then I don’t think that’s right.”

Bevan-Baker joined the Green leaders from New Brunswick, Ontario, and British Columbia in signing an open letter to Prime Minister Justin Trudeau Thursday ahead the first ministers’ meeting in Victoria next week.

The ongoing affordability crisis is set to be on the agenda.

"It’s accepted reality at the moment, for governments who are really struggling to help their citizens, and this is an efficient and effective way of doing that,” said Bevan-Baker. “I really hope that the Canadian federal government listens to our plea."

While a windfall tax will put money into the hands of people who need it, ultimately, as long as prices remain high, that money won’t last long.