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The government has said it’s facing a potential $7-billion revenue hole this year triggered by the collapse of crude prices from $100 US a barrel last summer to $51 a barrel on Wednesday, constraining energy royalties.

The province is considering a range of options to deal with the shortfall, including altering the personal income tax system, re-introducing health premiums, hiking the gasoline pump levy — the lowest in the country at nine cents per litre — and increasing taxes on liquor and cigarettes.

Finance Minister Robin Campbell has also indicated spending will be chopped by $2 billion annually, an overall five per cent cut from last year’s levels.

Prentice said the government is busy preparing a 10-year financial plan and will take steps to address the broader issue of public services being funded by volatile oil prices.

“In terms of who is responsible, we all need only look in the mirror, right. Basically all of us have had the best of everything and have not had to pay for what it costs,” he added.

“Collectively we got into this as Albertans and collectively we’re going to get out of it and everybody is going to have to shoulder some share of the responsibility.”

Wildrose critic Drew Barnes said he’s amazed the premier would blame all Albertans for the fiscal crisis since the Progressive Conservatives have been in power uninterrupted since 1971.