POLITICS

The Parliamentary Budget Office report on oil prices, by the numbers

01/27/2015 12:40 EST | Updated 03/29/2015 05:59 EDT
OTTAWA - The Parliamentary Budget Office released a report Tuesday on the impact of the drop in oil prices on the federal government's budget.

Here's a quick look at the numbers:

US$81: The U.S. benchmark price for a barrel of oil when the federal government released its fall economic update.

US$46: The price of oil in recent days.

$4.9 billion: The surplus forecast by the government's fall economic update, including a $3-billion contingency reserve, for 2015-16.

$400 million: The deficit the PBO expects for the 2015-16 fiscal year if the price of oil averages US$48 per barrel.

$700 million: The surplus the PBO expects for the 2015-16 fiscal year if the price of oil averages US$51 in 2015 and US$60 in 2016.