Mr. Speaker, it is my belief that, generally, the public deserves to have promises made to it kept. That does not mean, however, that we on this side need to agree with this promise by the Prime Minister. I have explained the reasons why I do not agree with what the hon. member has just finished saying.
It is not that I disagree with the provinces getting 100% of the income from their natural resources, because they come under provincial jurisdiction. I am, in fact, most sympathetic to the idea of Newfoundland receiving 100% of the revenues from offshore exploration.
That said, if in getting all of the revenue generated by petroleum resources, Newfoundland receives less in equalization payments, I do not see the advantage of this arrangement for the Newfoundland government.
The Prime Minister's promise was not limited to the province receiving 100% of oil and gas revenues, although that was certainly part of his promise. There was another part as well. It was for the federal government to compensate for Newfoundland's losses as far as equalization payments are concerned. This is exactly where the inequity lies, and it may have a negative effect on Newfoundland in the end.
If we accept what the official opposition is proposing today, we are going to have to exclude from Alberta's revenues, for example, what it receives in oil and gas royalties. That would reduce its level of general wealth as far as equalization is concerned. This would, needless to say, reduce equalization payments for all recipient provinces, including Newfoundland and Nova Scotia.
This is why I do not think that, in the long run, the proposal put forward by the Conservative Party of Canada would be advantageous to the Government of Newfoundland.