December 12, 1979 (31st Parliament, 1st Session)

PC

John Carnell Crosbie (Minister of Finance)

Progressive Conservative

Hon. John C. Crosbie (Minister of Finance):

Mr. Speaker, 1 will not confirm anything of the sort. First, with reference to the industry and the $33 billion that they will get over a four-year period, they will invest that in tar sands plants costing $5 billion each, in heavy oil plants costing $4 billion or
Oral Questions
$5 billion. There are billions and billions of dollars of projects for them to invest those funds in. If they do not invest their funds in those projects, then we will review their activities. But we know that they will.
As for Ontario, I will confirm, Mr. Speaker, that Ontario will rise with stronger industrial plant and capacity than ever after the next two or three years as we go gradually up in oil and gas prices. We have pledged to Ontario that we are not going to exceed 85 per cent of the U.S. or international price, whichever is the lower. The official opposition was going to go to 100 per cent, but we are only going to go to 85 per cent in the interests of Ontario and the rest of Canada.

Topic:   ORAL QUESTION PERIOD
Subtopic:   EQUALIZATION PAYMENTS TO ONTARIO RESULTING FROM BUDGET-LOSS OF JOBS
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