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Federal Government Urged to Implement Windfall Profits Tax for Oil and Gas Companies

BC Green Party leader Sonia Furstenau, along with the leaders of the Green Party in New Brunswick, and Prince Edward Island, is calling for a national tax on windfall profits for oil and gas companies.

Furstenau says people are “struggling with record-breaking affordability challenge right now.”

She says inflation is at record levels, prices for homes are unattainable for many, and the high gas price makes it difficult to access basic services.

Furstenau says as Canadians struggle with these challenges, “oil and gas companies are reaping record-breaking profits.”

“Governments need to enact policies that ensure companies are operating in good faith. One concrete step the federal government can take is to put in place a windfall profits tax, and return those funds to people.”

Furstenau says gas prices jumped after Russia invaded Ukraine, but there are no oil shortages in North America and the public is paying the price as oil and gas companies cash in on the crisis.

The BC Green Caucus, in conjunction with the New Brunswick Green Caucus and the PEI Green Caucus, has signed an open letter to the Prime Minister calling for urgent action.

They are calling on Justin Trudeau to “implement a windfall profits tax on oil and gas companies, with the proceeds returned to Canadians.”

Copies of the letter have gone to the Premiers of BC, New Brunswick, PEI, and all federal party leaders.

Furstenau says, “I represent a provincial caucus, but this is a federal policy tool. That is why we are calling on the Prime Minister – and, calling on the Premier of British Columbia to join his voice with ours.”

She says while British Columbians struggle, the provincial government in BC has failed to address affordability issues or invest in accessible transportation options.

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