Alberta's finance minister says he's not worried about slump in oil prices

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EDMONTON - Alberta Finance Minister Doug Horner says he's not worried about the province's revenues, despite the recent drop in oil prices.

Oil has been trading below $90 a barrel, about $10 less than Alberta's 2012 budget estimate.

Every dollar a barrel below the budget assumption costs the province $223 million in lost revenue, over one year.

But Horner says it's still too early to change the province's revenue projections.

He says the fundamentals of oil and commodities is still very strong and the "ups and downs in the market place" are to be expected.

He won't say if he expects to adjust Alberta's key budget assumptions, including the price of oil, in his first quarter fiscal update, expected early this summer.


Geographic location: Alberta, EDMONTON

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Recent comments

  • Don Jessy
    October 16, 2012 - 12:05

    The Alberta "conservatives" are subsidizers of corporate welfare bums. The hugely profitable oil and gas business was "helped" by taxpayers, supposedly to create jobs for the taxpayers. Those days are long gone, but the subsidies are still there, draining the treasury and adding to foreign investors tax free returns. There was a day when the justification for a solid business was to provide a good service or product to the public. Remember when business 'GUARANTEED' its products, WAS THERE TO MAKE A CUSTOMER HAPPY?