Monday, November 3, 2008

Celebration

Newfoundland is officially off equalization.

This will last a handful of years, after which point the oil starts to dry up, and the budget probably goes back to the way it looked for the prior hundred years - not so great.

I don't believe anyone knows how to fix this. Certainly some oil is better than no oil, but it's by no means any sort of long-term cure-all for the province, unless I'm really missing something, and I don't hold out a lot of hope for developing sustainable spinoff industries, like cold/deepwater/harsh conditions expertise with platforms.

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