Canadian Politics Today

While he remained hopeful, Higgs also offered a warning.

The country is still very much dependent on oil revenues and if Alberta continues to suffer economically, it will hurt the entire country — regardless of how much hydroelectricity Quebec has.

He said New Brunswick continues to receive federal equalization payments, which represent 30 per cent of the province's budget.

Quebec is also a major benefactor of equalization, while Alberta remains a "have province" that subsidizes others.

"Alberta has been feeding our kids for a long time with the royalties, with the money that has come from oil," Higgs said.

"My concern is how will the federal government continue to pay, how will transfer payments survive in the current form? Will the next message be that transfer payments need to be cut because the revenue is no longer there?"