The study also says lower crude prices will drain provincial income in 2015 — by nearly $10 billion.
The findings say the 40-per-cent slide in oil prices will chop $4.5 billion from provincial royalties — most of it coming from crude-producers Alberta, Saskatchewan and Newfoundland and Labrador.
Due to cheaper oil, the board also predicts provincial tax revenues to drop another $5.2 billion this year.
World oil prices have sunk below US$50 per barrel since tumbling from their perch above US$100 last summer.
The Conference Board says oil prices will likely start rising again and is projecting them to reach US$60 per barrel by the end of 2015 — with average of US$56 for the year.
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