May 7, 1974 (29th Parliament, 2nd Session)


Pierre Elliott Trudeau (Prime Minister)


Mr. Trudeau:

It is true that we have heard a lot about robber barons from the NDP, but the consequence of this more than half a billion dollars which it would not be in the power of the government to collect under the law, if it is not passed, would go to the oil companies. Some 47 per cent of the oil in Canada is produced by five major companies, and we assume that the exports would be in that same area. This production is divided up in the following manner: Imperial Oil, 18 per cent; Texaco, 11 per cent; Mobil, 8 per cent; Gulf, 7 per cent; Shell, 6 per cent. That is just a rough calculation, but these are the percentages and these are the figures in respect of which the NDP and the Tories would see the government put in a situation in which it was impossible to collect as a result of the non-passage of this bill.

Subtopic:   THE BUDGET
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