Alberta's finance minister Travis Toews during a Budget 2020 round table discussion in Medicine Hat on Monday. (CHAT News photo).

By Alex McCuaig

Toews in Town

Budget 2020 a go despite tanking oil prices

Mar 9, 2020 | 5:13 PM

MEDICINE HAT, AB – Alberta’s finance minister was in Medicine Hat Monday but even as he spoke to a gathered crowd of about 50 residents, oil prices were tanking the opposition was calling on a revamping of Budget 2020 less than two weeks after it dropped.

“I recognize that with an absolute meltdown on commodity prices, it will have a big impact on the province,” said Finance Minister Travis Toews on Monday.

Toews added the province will make adjustments as the government see’s fit and it, “will keep a steady hand on the wheel financially and fiscally in this province.”

He said the UCP government is committed to Budget 2020 but to also be flexible as the dynamics of the volatile commodity prices continue.

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During his 45-minute public meeting, Toews also mentioned the province is looking at projects which didn’t make the cut in Budget 2020’s capital plan but would help get Albertans working while reinforcing the province’s economic development.

One of those projects was a highway twinning plan but asked if that was a reference to the Crowsnest Highway, the minister was non-committal.

Mayor Ted Clugston said while he’d like to see more infrastructure funding, less downloading of taxes onto municipalities, he is sympathetic to the plight of the provincial government.

“I don’t envy the minister right now,” said the mayor who was in attendance at Monday’s meeting. “We’re going through some of the same things at the city. We’re dependent on resource revenue and we’ve been trying to – since 2014 – actually grapple with that.”

As for the possibility of diversifying Alberta’s dependence on the oil and gas sector, Medicine Hat Chamber president Tracy Noullett said the government is making some good overtures toward that end.

“I think they are doing a lot of right things in terns of the attraction with new business and with the tax rates. But a lot of that has yet to be seen if that will actually follow through,” said Noullett.

The price of the benchmark West Texas Intermediate fell to $31/bbl USD at the end of trading on North American markets on Monday, down from opening the year at $63/bbl and below the $58/bbl forecast in Budget 2020.