The province is conducting a “thorough analysis” of its fiscal situation before announcing affordability measures for Newfoundlanders and Labradorians sometime this fall.

The coffers have been bolstered by rising oil prices, benefitting to the tune of $33-million for every dollar above the budgeted benchmark.

The spring budget forecast oil prices at $79 US a barrel, and as of this morning, it has surpassed the $100 US a barrel mark.  That means more than $500-million in additional revenue to the province.

Finance Minister Craig Pardy told VOCM Open Line with Brian Callahan that affordability measures are coming, but they need to balance knocking down the debt with helping Newfoundlanders and Labradorians.

“We talked before about giving all Newfoundlanders and Labradorians a benefit…we talked about being more targeted in some of our ventures….that’s where we are,” says Pardy. “We don’t want to get ahead of our skis knowing where we are…but we had Moody’s tell us that this will continue on into the next fiscal.”