With its high polluting emissions causing the phenomenon of global warming and its profit levels reaching record highs, companies exploiting fossil fuels are facing new pressures from political parties in the Canadian parliament.

This pressure includes accusations of imposing exorbitant prices and taking advantage of climate chaos. It also includes an increasing number of demands to impose a tax on excessive profits for oil companies.

These calls for a new tax also receive some support among the Liberal Party, the Bloc Québécois coalition, the New Democrats, and the Green Party.

For his part, Green Party MP Mike Morris said these companies are making unprecedented profits by imposing high prices on Canadians.

The Liberal government has already imposed an excess profits tax on banks and life insurance companies whose revenues grew during the pandemic.

The Canadian Recovery Profits Tax applied a fixed 15 percent rate on the average taxable income on profits exceeding one billion dollars in 2020 and 2021.

Morris, who asked other members of parliament to support his proposal in the House of Commons to apply the same type of tax on companies exploiting fossil fuels, also said: "Now we say let's apply this to oil and gas."

Such proposals are not binding and are never voted on, as the timing of voting on these proposals is determined by a lottery.

Green Party MP Morris said he hopes his proposal gains momentum before the fall economic statement of federal Finance Minister Chrystia Freeland and that he can convince her to impose an excess profits tax on oil and gas companies.

Also, the Pembina Institute, an energy research center, said in an analytical paper published in September that oil sands companies are on track to earn more than 10 billion dollars in the first six months of this year, despite not making new investments to reduce their investments.

The institute added that the profits of oil companies in Canada this year are estimated to be slightly less than those achieved in 2021, when they earned more than 38 billion dollars.

Absolute emissions from oil sands did not increase in 2022. Preliminary figures indicate that oil production in oil sands rose to 3.1 million barrels per day in 2022, but emissions remained at 81 million metric tons of carbon dioxide. However, polluting emissions from oil companies exploiting oil sands remain at their highest levels in more than a decade.

Another analytical paper by the Parliamentary Budget Officer (PBO) on October 26 concluded that applying the Canadian Recovery Profits tax to fossil fuel companies in 2022 would generate revenues of 4.2 billion dollars over the next two years in the next five years.