Mr. Speaker, ever since the Hibernia offshore project began pumping oil, a large portion of the revenues flowing from the project have been clawed back by the federal government.
During the recent election campaign, the leader of the Conservative Party committed in writing to give the province of Newfoundland and Labrador 100% of the revenues from non-renewable resources with no clawback.
Under severe pressure and after a sleepless night, the Prime Minister made a similar commitment in an early morning phone call to Premier Williams. At a recent health summit, the Prime Minister committed to having the deal done by October 25, a week from now, and before the meetings on equalization.
This deal must be outside the equalization process. This deal must confirm that 100% of the revenues go to Newfoundland and Labrador. This deal must not be subject to clawback. This is what was promised and this is what must be delivered.