Ottawa, ON - After 11 years of Liberal government, Canadians are out of money. A new Bloomberg survey of economists found inflation is expected to average 3 per cent over the next six months, 0.6 percentage points higher than last month's forecast.

Inflation is not expected to return to the Bank of Canada's 2 per cent target until the third quarter of 2027. Meanwhile, economists have downgraded growth forecasts to 1.5 per cent for the next two quarters and put the risk of a recession at 30 per cent.

A recent Bank of Canada analysis found that many Canadians continue to view their budgets as stretched. The average household spent roughly $6,500 more per year than pre-pandemic trends.

Between 2020 and 2025, younger and low-income Canadians saw spending outpace income gains. Households under 35 faced a budgetary shortfall of $4,249 in 2025, while those in the second-lowest income group faced an annual shortfall of $6,805. Homeowners were short $1,817 in 2025.

Meanwhile, Bank of Canada Governor Tiff Macklem warned that rising gas prices are likely to keep inflation above target. This comes as President Trump threatens to restrict U.S. diesel exports and the war in Iran continues to disrupt global oil supplies.

Diesel prices have surged above $2.10 per litre in Central and Eastern Canada, $2.35 in the Prairies and $2.48 in British Columbia. Canadians pay 32 cents more per litre than Americans and 41 cents more than the world average. When farmers and truckers pay more for diesel, Canadians pay more for groceries.

The Liberals are out of touch. For 11 years, they blocked and delayed the energy projects needed to produce more Canadian fuel and get it across our country. Canadian workers should be turning Canadian oil into Canadian fuel.

That's why Conservatives are calling on Mark Carney to adopt our Emergency Fuel Relief Plan. It would remove all federal taxes on diesel, scrap diesel production taxes and boost Canadian fuel production to eliminate the price gap with the U.S. in 5 years.

It would also create emergency permitting for diesel refineries, storage and transportation, provide a 100 per cent year-one deduction for investments in diesel production and distribution, and establish a strategic refined petroleum reserve to put supply aside for emergencies.

It's time to turn Canadian oil into Canadian fuel. Saving you money today, fueling ourselves tomorrow.