Table Mountains

The sky is falling!

Lower oil prices could mean deficit: Williams

From CBC:

Newfoundland and Labrador has just become a have province when it comes to equalization payments, but Premier Danny Williams warned Thursday that dropping oil prices could send the province into a deficit again.

The province's coffers were filling up due to record high prices for oil this summer. However, the price has dropped to less than $60 US per barrel in the last week.

"A word of caution is that if oil stays down around those numbers, then it's quite conceivable that we could run deficits," Williams said.

Will Mr. Premier,a lot of people gave you praise when the coffers where filling and i noticed you loved to take credit so hopefully you'll not get upset if some now give you a bit of flak. For some of us in NL the fall in oil prices is actually a blessing. This morning i filled my car at 97.5 per litre. A while back it cost over $1.50 per Litre and that hurt me as a Home Care Worker who averages 90-100 kilometers per day. I figure this break at the pumps is much better for Home Care Workers than anything we can expect from your government in the form of a pay increase or benefits that never seems to come despite all the trickling down effects we hear about. I sure like the sound at the pumps much better then the sound of whining about a deficit.