February 15, 1979 (30th Parliament, 4th Session)

LIB

Alastair William Gillespie (Minister of Energy, Mines and Resources; Minister of State for Science and Technology)

Liberal

Mr. Gillespie:

Mr. Speaker, some of the producing nations have already changed the price. OPEC announced an increase of 5 per cent at the beginning of this year, and there is another one to come very shortly at the end of the first quarter. Some of them have already indicated that the extra volumes they are presently lifting to make up for the Iranian shortage will go at higher prices. There may well be higher prices worldwide, but those higher prices are not manufactured or created by trading companies or multinationals; they are higher prices created by producing countries, and there is nothing Canada can do about that.
As to the possibility of profiteering by multionational corporations or trading companies, I have already indicated to the watchdog committee of the Economic Council, CSIP, that we will be asking it to investigate any situation which comes to our notice, or any reasonable allegation of profiteering.
Oral Questions

Topic:   ORAL QUESTION PERIOD
Subtopic:   SUGGESTION PETRO-CANADA PURCHASE VENEZUELAN OIL
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