The collapse of oil prices over the weekend and COVID-19 fears have taken a hit on the Canadian Dollar, stocks and other corners of the market. Western Canadian Select sits near 26 dollars US per barrel and Western Texas Intermediate rests below 35 dollars per barrel.

Energy and Resources Minister Bronwyn Eyre says they’re monitoring the situation and she hopes the drop in oil prices is a short-term thing and that it won’t impact long-term forecasts. Eyre adds finance minister Donna Harpauer will be looking to the matter carefully with officials from the Ministry of Energy and Resources. When asked about the impact on the budget set to be released next week, Eyre said the numbers have already been finalized with figures based on forecasts for the coming year before February 28th.

Brad Herald with the Canadian Association of Petroleum Producers believes there will be challenges in the short-term, but doesn’t think the impact will be long-term.

The concern was brought up during Monday’s Question Period. With the provincial budget being released next week on the 18th, the NDP is concerned that it won’t take into consideration the recent global economic downturn and the plunge in oil prices. NDP finance critic Trent Wotherspoon says Saskatchewan people are watching their hard earned pensions and savings take a serious hit and they’re stressed.

He believes the foundation this budget was built upon is falling apart, and the oil and economic assumptions will be incorrect. Finance minister Donna Harpauer says the NDP is taking a knee jerk reaction. She explains the last economic downturn prompted the SaskParty government to reduce reliance on resource revenue so the province is better prepared to weather these economic difficulties.