Every time a global crisis sends oil and gas prices higher, the same pattern repeats itself. Families pay more for gas, groceries and everyday essentials, while fossil fuel companies make billions.
That is why recouping a fair share of these excess profits matters.
An excess profits tax would make oil and gas companies pay more when they earn extraordinary profits during crises such as war, supply disruptions or major price shocks. Instead of allowing those gains to be captured primarily by wealthy shareholders, that money could be used to support people struggling to make ends meet and also invest in climate solutions.
If you agree, you can sign the petition and add your name.
What is an excess profits tax?
In simple terms, an excess profits tax makes companies give back a fair share of unusually high profits they make when an extraordinary disruption (like the current war on Iran) pushes up the price of the product they sell.
This is not the same as taxing their normal profits (which we could also stand to do more …). It means taxing the extra money companies make when the world has suddenly become more unstable and prices shoot up, not taxing them because they are earning more from being innovative or productive.
Why are people calling for an excess profits tax now?
Because while people in Canada are dealing with rising costs, oil and gas companies are making huge gains from global turmoil.
The war on Iran and fears around global supply disruptions have pushed energy prices higher. Oil companies have been quick to use this moment to argue that Canada needs more pipelines, more oil and gas expansion, and more public support for the fossil fuel industry.
But that gets the story backwards.
This crisis does not show that fossil fuels bring security. It shows how deeply insecure the fossil fuel system is.
If a war far away can drive up prices here overnight, that is not stability. That is dependence.
How would an excess profits tax save you money?
An excess profits tax could help people now and reduce costs over time.
In the short term, the money raised could be used to support households facing higher living costs. That could mean direct affordability measures, stronger public services or investments that ease financial pressure on families.
In the longer term, it could help fund the things that make people less vulnerable to the next fossil fuel shock. That includes better public transit, home retrofits, heat pumps, renewable energy and stronger electricity grids.
These are the solutions that can cut bills, improve energy security and make daily life more affordable.
How could an excess profits tax help the climate?
An excess profits tax can help the climate because it does two important things at once.
First, it stops oil and gas companies from fully pocketing the extra profits they make from a crisis. Those profits often help fuel more lobbying, more political influence, and more pressure for continued fossil fuel expansion.
Second, it creates public revenue that can be used to fund the transition away from fossil fuels. That means more support for clean energy, energy efficiency, low carbon transport and resilient communities.
So the climate link is direct. An excess profits tax helps weaken the business case for fossil fuel expansion while helping build alternatives that cut emissions and protect people.
Why this matters in Canada
If oil and gas truly meant stability, wars would not keep sending prices soaring. A system that becomes more expensive and more volatile every time there is a global crisis is not secure.
Real security means reducing dependence on fuels that are tied to conflict and price shocks. It means building an energy system that is cleaner, more affordable, and less vulnerable.
Canada has a clear choice.
We can let oil and gas companies continue profiting from crises while people struggle with rising costs and the climate crisis gets worse.
Or we can make those companies pay back a fair share and use that money to support households and speed up the shift to a better energy system.
A fairer system is possible
An excess profits tax is not only about raising revenue. It is about fairness. It is about affordability. And it is about refusing to let the industries driving this crisis keep benefiting from it.
People should not be left paying more while fossil fuel companies cash in on war, instability and pollution.
An excess profits tax would help put some of that money back where it belongs: into public support, cleaner energy and a safer future.
That is why Greenpeace Canada is joining more than 60 organizations across the country to call for an excess profits tax on oil and gas companies. New polling also shows that two in three Canadians support a tax on oil and gas companies’ excess profits, with revenues used to help households lower their energy bills.
Because if fossil fuel companies profit from a crisis, they should help pay for the solutions.
If you want to help push for that change, join the call for an excess profits tax on oil and gas companies.
