Inflated oil prices are expected to have a positive impact on the province’s bottom line for the current fiscal year.
Currently, Brent crude is trading at around $102 per barrel.
Finance Minister Siobhan Coady says in last year’s budget they predicted the price of oil at $64 per barrel, which was then upgraded to $74 in the fall update.
As a result, she says they’re expecting an additional $70-million in revenue from what was predicted in last June’s budget.
She does note however that the price of oil isn’t the only factor they look at, noting that production—which is down significantly, also plays a part.
