Oil prices rise even higher than the Finance Department had envisioned, with no immediate signs of easing, but that could also yield significant increases in revenue. The federal government is expected to reap significant increases in revenue due to high oil prices, offsetting any new or previously promised spending in an upcoming budget from Ottawa. Since then, oil prices have gone even higher than the Finance Department had envisioned, with no immediate signs of easing. "That's more than the entire planned federal spending on new child-care initiatives," he said, referring to the $4.9 billion over the next 12 months in new spending outlined in last year's federal budget. Prices at the pumps and grocery store are now growing ever higher as global prices for oil and wheat rise.

Source: CBC News March 20, 2022 19:10 UTC