Revenue for offshore oil deposits provided nearly a third of provincial government revenue in Newfoundland in 2013(1). The slump in the price of oil worldwide is estimated to have reduced the province’s revenues by around $1.5 billion, according to RBC, and now forms only around 20% of provincial revenue(1, 2). This has led to a projected deficit of $1 billion in the last 2015-2016 budget even as the Progressive Conservatives have sought to cut costs(1).
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