I am so pleased to stand today and inform members of this honourable House of a significant event that occurred this weekend. On Saturday morning, an injustice which has plagued this province for decades was rectified when the Prime Minister accepted our proposal to receive 100 per cent of our provincial oil and gas revenues under the Atlantic Accord.

I have been working extremely hard since entering office to represent the issues of Newfoundland and Labrador to the federal government, and I have done so with a cooperative and collaborative approach. Federal provincial relations had certainly hit an all-time low in the past several years to the detriment of the province. I committed to the people of this province that I would renew and rebuild this relationship, so that we could finally see our issues addressed in a positive and productive manner. Saturday�s commitment by the Prime Minister was evidence that our new approach is indeed working. The result has been action on 5-Wing Goose Bay, foreign over-fishing and now offshore revenues.

In my first meeting with the Prime Minister late last year, I made it clear that getting more revenues from our offshore resources was a priority for me and my government. Since then, I have discussed this issue with him and his federal cabinet ministers and presented a proposal which will see us receive 100 per cent of our offshore oil and gas revenues. This will result in approximately $700 million additional dollars in provincial coffers over the next four years.

In addition, I went around the country and garnered the support of eleven of twelve premiers, and we have received commitments on this issue from Mr. Stephen Harper and Mr. Jack Leyton.

The result is that Newfoundland and Labrador has never been more ideally positioned heading into a federal election. Regardless of which party is elected on June 28, Newfoundland and Labrador will finally start to reap some real benefits from our offshore resources. I am, quite frankly, delighted that this issue has made it to the national stage and is finally getting the recognition and support it deserves.

As premier of this province, I am satisfied with the commitments of all three leaders and their individual assurances to me that we will start to receive 100 per cent of our provincial offshore revenues. I would now encourage Newfoundlanders and Labradorians to take a serious look at the platforms, policies and commitments of all parties and choose for themselves who they will vote for in the upcoming election.

I have been saying for quite some time that we have a serious fiscal situation facing this province. Though we are clearly delighted that we will finally start getting some substantial revenues from our offshore resources, we must also be realistic and recognize that this will not be the answer to all of our fiscal problems. The Prime Minister personally recognized this when I spoke with him over the weekend. However, this is a significant step on our road to fiscal health.

We will continue to work to restore our fiscal integrity, while also focusing on growing our economy, creating jobs, revitalizing our rural communities and finally realizing our province�s true potential. We will also continue to foster this new and positive relationship with the federal government, no matter what party is in power, in our efforts to deliver the best possible results for Newfoundland and Labrador.

2004 06 07                                         1:55 p.m.