Mr. Speaker, I do not really have a question for my colleague, but I do want to say that it was a good speech. I really enjoyed that speech. It was the first indication that I have been given so far today that there is someone on that side of the House who truly understands a little about this offer and this agreement. The hon. member has demonstrated that.
I have been saying all morning and to the Minister of Natural Resources that the Prime Minister has been saying that we will get 100%. I will speak in a few minutes on this debate and I will repeat it again. That is the key in order for people to understand fully what this deal is all about. It has to be repeated over and over again. I said to the minister today that the Prime Minister has been saying that we will get 100% only until our province's fiscal capacity equals that of Ontario. Ontario's fiscal capacity is based entirely on the performance of its economy and that is what was said by the member.
If Newfoundland and Labrador's fiscal capacity was based only on the performance of its economy, we would be getting 100% of our oil revenues forever and a day. All members who understand this agreement would agree with that. However, here is the key and I will repeat it again. The Prime Minister and the Minister of Finance have artificially jacked up Newfoundland's fiscal capacity by adding in our equalization payments and the offshore revenues that we are currently getting.
That puts us artificially close to Ontario's fiscal capacity. It would not take a long time for Newfoundland and Labrador, under that scenario, to reach the fiscal capacity of Ontario, at which time of course the clawback provisions of the equalization agreement would kick in again. This has to be repeated over and over--