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By Joe Ceci

Energy-producing jurisdictions across the globe are all facing real economic challenges as a result of a sharp decline in the price of oil.

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While we have no control over global energy prices, we do control how we respond.

We have a responsibility to act in a way that is responsible, measured and minimizes the pain that is felt by families whose livelihoods have been impacted by the downturn in the energy sector.

We have rejected knee-jerk policy options, especially those espoused by Wildrose and Conservative parties, that would make the pain felt at boardroom tables and kitchen tables of our province even worse.

In Alberta, we have the good fortune of having the best balance sheet — stronger than any other province or the federal government. Our debt-servicing costs are the lowest in the country. We have, by far, the lowest debt to GDP ratio in Canada, currently at 3.5 per cent. These facts are confirmed in a report recently released by the Fraser Institute.