Canada needs a Windfall Profits Tax for Oil Companies using the Iran War to shake down consumers.
Sunday afternoon, I spotted a “deal” … gasoline “on sale” at Petro-Canada in Vancouver for $2.17.9 per litre … down 5 cents a litre from the price in the morning!
And while I was pumping my $48 purchase for only 22 litres (can’t afford to “fill up” anymore), I wondered how Canadian oil producers, selling Canadian gasoline in Canada to Canadian customers can justify charging “world” prices.
After all, Saudis still are paying 62 cents a litre (US) … not “world” prices; Kuwaitis pay 34-cents a litre (US) … not “world” prices; and, Venezuelans onle pay 3.5 cents a litre (US) … Yes, 3.5 cents a litre!!! (Read the whole world list, as of May 11, here: https://www.globalpetrolprices.com/gasoline_prices/).
Canadians are being ripped off!!!
And most oil companies are now profiting HUGELY from Canadian consumers’ suffering!
Petro-Canada made a profit of $1.79 Billion in 2025, up from $1.76 Billion in 2004, according to Petroleum News. And that does NOT include any ADDITIONAL profits the company has made since the beginning of this year, with prices almost doubling during the current “crisis”.
“Canada’s Big Five awash with profits”, the Petroleum newsletter reported.
“The profit breakdown shows: Imperial Oil C$2.6 billion (C$2.05 billion in 2004), Shell Canada C$2.01 billion (C$1.29 billion in 2004), Husky C$2 billion (C$1.01 billion in 2004), Petro-Canada C $1.79 billion (C$1.76 billion in 2004) and Suncor Energy C$1.25 billion (C$1.09 billion in 2004),” it revealed. (Read the full article here: https://www.petroleumnews.com/story/2006/02/19/news/canadas-big-five-awash-with-profits/9894.html. )
The Financial Post predicts Canadian oil producers will cash in big-time in 2026 as a result of the Iran war.
“As for energy producers, 2026 could be a windfall year, as higher prices raise cash flow and profits. Using average oilsands breakeven costs and the futures price expectations above, a single facility producing 100 million barrels per year could see $3-$4 billion in incremental profits,” FP reported just weeks ago. (Details: https://financialpost.com/opinion/numbers-oil-price-windfall.)
In fact, Suncor, apparently Canada’s “largest integrated oilsands producer” has already reported first-quarter profits of $2.1 Billion … UP almost 24% from the same quarter in 2025.
The US parent company of Shell Canada’s first-quarter profit “beat estimates and hit its highest in two years at US$6.9-billion on Thursday, boosted by gains linked to the Middle East war, prompting it to raise the dividend by 5 per cent,” the Globe and Mail revealed last week.
Imperial Oil, however, reported lower first-quarter profits, but that was due to disrupted “throughput” operations, due to technical problems.
The federal government is also cashing in on the higher prices/profits. Although the Liberals cut the federal gasoline tax, it still is cashing in BIG TIME from the higher taxes on the higher profits reported by the corporations.
It’s time to do something for the people.
The federal government should introduce a Windfall Profits Tax to curb the Great Canadian Consumers Ripoff where oil companies are cashing in by excessively squeezing Canadians to the tune of BILLIONS more profits!
The Iran conflict looks likely to continue for quite some time, and even after it ends, it will take many months before global trade returns to any semblance of normality.
How many more EXTRA BILLIONS will the federal government let the oil companies rip off struggling Canadian consumers before it acts?
Time for the media to press for an answer … and action!
Happy Victoria Day!
Harv Oberfeld
(Follow @harveyoberfeld on “X” for FREE First Alerts to new postings on the Blog.)