Dec 15, 2014

By Scott Walker

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The plunging price of oil is on the minds of politicians in two high-level meetings today.

The federal and provincial finance ministers will resume the second day of a two-day meeting this morning near Ottawa. There are a number of items on the agenda, but oil is one of the most important. Lower crude prices mean declining revenues for the federal government, resulting in lower transfer payments.

Ironically, a published report this morning says Ontario’s transfer payment for 2015 will increase by 1.25 billion dollars.

And the lower prices of oil are also hitting provincial bottom lines. Dan McTeague of Tomorrow’s Gas price Today Dot Com tells the CBC it’s not just the oil-producing provinces that are suffering. He says Ontario could see a reduction in revenue of a quarter of a billion dollars next year.

Oil will also be on the table at a meeting of North American Energy Ministers. Federal Natural Resources Minister Greg Rickford and his counterparts from the US and Mexico will discuss the impact of lower oil. Rickford will also make another pitch for the Keystone XL Pipeline.

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