Canadians demand excess profits tax as oil and gas companies are poised to make billions in wartime profits
As oil and gas companies operating in Canada bring in record-levels of excess profits, 350 Canada is activating thousands of people to demand an immediate excess profits tax on the fossil fuel sector.
VANCOUVER | Unceded lands of the xʷməθkʷəy̓əm (Musqueam), Səl̓ílwətaʔ (Tsleil-Watuth), and Skwxwú7mesh (Squamish) Nations of the Coast Salish peoples
THURSDAY APRIL 23 2026
As the Financial Times reports, the oil price shock triggered by the U.S. and Israel’s illegal war on Iran “will generate an extra C$25-C$30bn in revenue for every $10 rise in oil prices this year following the market turmoil caused by the conflict.” With the anticipated fluctuations in the price of oil and costs for procuring Canadian oil remaining relatively stable, 350 Canada is anticipating that the oil and gas sector will collect $50-100 billion in excess profits this year alone.
In response, the climate justice organization is mobilizing thousands of people to demand an excess profits tax on the oil and gas sector. The campaign launched earlier this week, demands that an excess profits tax should be established as a pathway for funding relief for households hit hardest by the cost of living crisis and the renewable energy transition that would protect Canadians from price shocks and climate impacts in the long term.
Atiya Jaffar, Canada Country Manager with 350.org issued this statement:
“While everyday Canadians struggle to make ends meet as the cost of fuel skyrockets, Big OIl is raking in billions they didn’t earn and don’t deserve. They’re not innovating or investing, they are just passively profiting from the global oil price shock. We are calling for an immediate 75% excess profits tax on the oil and gas sector to fund immediate relief for households struggling most during the spiralling cost of living crisis and to massively expand renewable energy, public transportation, and an East-West electricity grid.”
In 1940, during World War II, the Canadian government implemented a 75% tax on corporate profits to prevent Canadian companies from profiteering off the war. But this isn’t the only precedent. In 2022, the federal government imposed a 15% excess profits tax on the financial sector’s pandemic profits.
“Unfortunately, instead of meeting this moment and addressing wartime profiteering, Prime Minister Carney is capitulating to Big Oil’s demands by pausing the gas tax. This is an inadequate measure that enables Big Oil’s skyrocketing profits while defunding our public services. Relief for Canadians should come from Big Oil’s ballooning profits — not from our schools, hospitals, and public services.” Atiya Jaffar adds.
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For more information or media interviews, please contact:
Atiya Jaffar, [email protected], 7783228492
More on the numbers:
Our estimates are informed by the models explained in the pieces below. The projected range depends on how long this crisis lasts, and on how the price of oil and gas changes in the coming months.
Note to Pierre Poilievre: Massive petro profits — not taxes — are to blame for $2 gas
– The Star
The oil industry is making billions from the Iran war—it should be taxed
– Canadian Centre for Policy Alternatives
Mark Carney just cut gas taxes. He should be raising these taxes instead
– The Star
More Fossil Fuel Subsidies Won’t Help With Affordability
– Environmental Defence
Canada’s oil producers in line for C$90bn windfall from Iran war
– Financial Times