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After U.S. President Donald Trump announced sweeping tariffs on countries around the world last week, the price of oil, one of the biggest industries in Saskatchewan, has been on a downward slide.
Since Wednesday last week, the price of West Texas Intermediate (WTI) has slipped by about 13 per cent. On Monday, the WTI price dipped below $60 USD per barrel before rising just above that mark again when the markets closed for the day.
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In the 2025-26 budget, the provincial government pegged the WTI price at $71 USD a barrel for the year. Every dollar up or down in the price of a barrel of oil means nearly $18 million in gained or lost government revenue.
Premier Scott Moe declined to comment specifically on the WTI price on Monday.
“I think all commodity prices and the markets in general are in a short-term, significant turmoil, one might say,” said Moe.
He added that the price in the budget is an annualized prediction developed from private-sector forecasts.
Trent Wotherspoon, the Saskatchewan NDP’s finance critic, claimed the government pegged the oil prices too high in its budget to support its claim that the budget was balanced.
“This budget’s not been on a solid fiscal foundation from the start. The government’s claims of so-called balance have been nonsense. They’re bogus,” said Wotherspoon.
The NDP has previously taken issue with the provincial government not taking the tariff situation into account when it put together its budget. Wotherspoon pointed out Alberta pegged the WTI price for the year at $68 USD per barrel.
“At the end of the day, Saskatchewan people deserve honesty and a fiscal foundation they can count on,” said Wotherspoon.
He said the change in the price of oil is also bad for the drilling and economic activity in the province.
“Which is why it’s critically important that the government be straightforward and honest and solid with those foundations, because we want to have as many people working in all industries, and certainly this important industry as well,” said Wotherspoon.
Editor’s note: this story has been edited to correct the projected price per barrel of oil in the 2025-26 Saskatchewan budget
