Instead, the government should implement what the EU did in 2022, what Canada did during both world wars, and what civil society groups have been calling for for ages: a windfall profits tax on the oil and gas industry. A 33 per cent tax on windfall profits could raise $18 billion this year. A 75 per cent tax, like we implemented during the Second World War, could raise $46 billion.

This revenue could be used to both directly compensate consumers for higher short-term costs through cash transfers, and to invest in the transition away from our reliance on volatile fossil fuel markets. It would be not just a band-aid but a treatment plan. A treatment that involves bucking our addiction to fossil fuels and providing Canadians with sustainable, affordable energy for the long-term.