Oil Price Drop Expected To Surface At Provincial-Federal Finance Ministers’ Meeting.
The topic of sliding oil prices is expected to surface this weekend when provincial finance ministers from across Canada have their first face-to-face meeting with federal counterpart Joe Oliver.
Saskatchewan Finance Minister Ken Krawetz said the federal-provincial gathering begins Sunday with an informal get-together in the Ottawa area, followed by sessions Monday that will include a presentation by Bank of Canada governor Stephen Poloz.
Krawetz also expects the group to discuss the plunging price of oil, which threatens to erode public finances in several oil-rich provinces as well as the federal government’s bottom line.
Oil prices fell below US$64 a barrel this week — roughly a 40-per-cent slide since mid-summer.
“We are concerned about the loss of revenue, there’s no question about that,” Krawetz told The Canadian Press in an interview.
“We’re also concerned that if indeed there is a prolonged decline, what will be the effect across the entire nation with regards to oil?”
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