Bring Back Petro-Canada to Capture Canada's Oil Wealth

Canada's response to high gas prices has been to temporarily suspend the federal fuel excise tax, reducing gasoline prices by roughly 10 cents per litre. However, this relief is only temporary and does not address the underlying issue of oil wealth leaving Canada. Luke Hildebrand, a lawyer and President of the Kenora-Rainy River Ontario NDP, argues that it's time to bring back Petro-Canada as a Crown Corporation.

Petro-Canada was created in 1973 in response to the oil crisis, allowing Canadians to own more of their energy resources. The company changed the country's long-term position by increasing Canadian control over the energy sector and ensuring that more of the benefits stayed at home.

However, Brian Mulroney privatized Petro-Canada, leaving Canada vulnerable to global events once again. Today, war with Iran has sent oil prices soaring, and Canadians are paying the price. The world's largest oil producers are making windfall profits off the war, while Canadian households struggle to afford basic necessities.

Hildebrand believes that a new Petro-Canada should acquire a significant public stake in Canadian oil production and capture a larger share of the profits generated from our natural resources. This revenue could be used to stabilize domestic energy prices, transition Canadians to less volatile energy sources, and invest in major infrastructure projects.