Article content

The price squeeze on heavy oil is gutting Alberta’s bottom line and Finance Minister Doug Horner says it’s now all hands on deck to cut spending and shelve projects.

“I’m very, very concerned about where those (oilsands) numbers are headed,” Horner said outside his legislature office Wednesday.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Alberta's finance minister 'very concerned' about running a deficit as oil prices fall Back to video

“This is a situation that is actually affecting the Canadian GDP. It’s that much of an impact on the Canadian economy.”

Horner said everything except higher taxes or new taxes is being explored. Key projects such as Premier Alison Redford’s proposed 140 new family-care clinics are still a priority but could also be up for review.

They’re going to have to ensure that we are being very aggressive in reining in our spending

“Yesterday at cabinet I made the comment to all of our cabinet colleagues that they’re going to have to make some very tough choices,” said Horner. “They’re going to have to ensure that we are being very aggressive in reining in and restraining our spending for us to meet our targets.”