— An unexpected windfall in oil riches has brought some much-needed economic relief to cash-strapped Newfoundland and Labrador. Newfoundland and Labrador Finance Minister Tom Osborne speaks with reporters before a meeting with federal, provincial and territorial finance ministers in Ottawa in June. Newfoundland and Labrador had an unexpected oil price spike to thank for the slight relief in its deficit reported at Tuesday’s fiscal update. ( PATRICK DOYLE / THE CANADIAN PRESS )The difference — $136 million — is “all oil,” according to Finance Minister Tom Osborne, citing rising oil prices. He was confident that Newfoundland and Labrador’s relatively clean offshore oil will remain profitable compared to products from Alberta’s oilsands.

Source: thestar November 06, 2018 18:01 UTC