According to Finance Minister Nate Horner, the province would need oil prices to average $74 a barrel to stay completely in the black

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Oil prices are slumping, teachers are striking and the province’s deficit is deepening.

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These are uncertain times for the province — and for the finances of the Alberta government.

Finance Minister Nate Horner knows major challenges lie ahead.

The deficit, he estimates, could be much higher if today’s low oil prices persist.

The response in the next budget might include raising some fees or continuing to scour the existing $79-billion spending plan for cost savings.

“I probably shouldn’t speculate, but you could definitely see a range where (the deficit) was a couple-billion dollars higher, definitely,” Horner said Thursday, when asked about the effect of current oil prices continuing throughout this fiscal year.

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“We’re going to have to focus on what we can control, and that’s keeping a close eye on spending. We’re being very focused during this (upcoming) budget on the priorities of government, looking at potential for revenue options.

“I don’t see any........

© Edmonton Journal