Mr. Speaker, thank you for the opportunity to speak on this very important issue of equalization and the development of offshore oil and gas off Newfoundland and Labrador. Allow me to begin this way for my colleague on the opposite benches.
This whole discussion started several months ago. This evening they are expressing their interest, but on not one occasion have the members for St. John's South or St. John's North asked a Newfoundland MP or the Newfoundland minister to meet with them to discuss this.
This is a big issue for Newfoundland and Labrador. Newfoundland and Labrador will be and is receiving 100% of the revenues. As we produce more oil, gas and wells and as there is more industry investment, there will be continual growth of revenues. I have confidence that this will happen and Newfoundland and Labrador will become a contributing province some time in the future. It will no longer be an equalization receiving province. We feel really confident about that and so does everybody in Newfoundland and Labrador.
Not once since last Thursday night has the premier or the member from Newfoundland called to express their concerns. There has been a lot of rhetoric and name calling coming from the politicians from Newfoundland and Labrador. I have not responded to it. I am waiting for a phone call to understand what they do not like about the deal. At least have a discussion about it. As the hon. member said, it does matter to all the people of Newfoundland and Labrador. He and I are citizens of that province, and we will remain citizens until the day we die. We do want the best benefit out of this deal for the province.
The premier and the Prime Minister discussed the 100%. They discussed a time line and the Ontario threshold. We will receive not only the revenues, but we also will receive the equalization up to those revenues over that eight year period, and there will be no clawback. Let there be no mistake in that. Even when we get to the Ontario threshold, there will be no clawback.
If and when we develop more resources and become an equalization non-receiving province, then it does not matter anyhow. Awhile ago, the Minister of Finance and premier also said that to me. However, while we are below that standard, the equalization will come in, as well as the revenues from the offshore development, and we are asking for that. However, the discussions between the premier and the Prime Minister put time lines and put the Ontario threshold as a cap.
Let it be clear. We have to get beyond the rhetoric. We have to sit down and talk about this and find out exactly where this went wrong. The deal is still on the table. I am interested in learning from the premier, personally, and from the Minister of Finance exactly what the issue is and where the deal fell apart.