Alberta Premier Prentice says Alberta won't spend way out of low oil prices

EDMONTON – Alberta Premier Jim Prentice says his government doesn’t plan to spend its way out of the problems created by the falling price of oil.

Prentice told the legislature today his government is committed primarily to finding economies within its own departments.

He says he is heartened by a report from Moody’s Investors that shows Alberta and Saskatchewan are in the best financial position to weather low prices.

Oil prices have been free-falling since the summer and now hover in the $60 per barrel range.

The province had been forecasting oil to stay around $75 a barrel for the rest of the fiscal year to help keep the budget balanced.

Infrastructure Minister Manmeet Bhullar (MUN’-meet BYOO’-lahr) says despite the price drop, he is confident the province will still build the 230 new schools it has promised.