Mr. Speaker, there is no question that the way the formula was put together Saskatchewan lost on average $1.08 for every $1 of oil it sold. To some degree it was $1.25. In other words, if the oil had been kept in the ground, the province would have been better for it because it lost more money than it made.
Additional funds that were available under the equalization plan went to some other province because of it. In other words, the penalty imposed on Saskatchewan went to other provinces. Saskatchewan should have been the last province supplementing provinces elsewhere that did not need the same equalization as it needed.
The formula is principally wrong. It is not only wrong, but it penalizes Saskatchewan. It is only equitable and right that the finance minister do what he has done already, provide a bilateral agreement with Saskatchewan to ensure that never happens again.
Saskatchewan could use those non-renewable resources to provide jobs, to provide a brisk economy. It could address issues of concern to farmers in Saskatchewan to ensure the contributions to deposit requirements so the farmers would not have to do it. It could address the farm economy and share in the 40%. The province would have some revenue to do that. Young people would be able to stay in our province, to work in our province, to be the sons and daughters on the family farms, which is almost no longer possible because of the crisis we are facing there.