The Globe and Mail reports in its Saturday, Feb. 21, edition that since Alberta Premier Jim Prentice took office in September, oil prices have plummeted, turning a slim provincial budget surplus into a deficit that could top $7.5-billion. The Globe's Justin Giovannetti writes that two weeks ago, Mr. Prentice's Finance Minister said he would cut program spending by 9 per cent in a spring budget. Longer term, Mr. Prentice is vowing to get Alberta off oil. Mr. Prentice says it is time "for Alberta to diversify its economic base in earnest." Mr. Prentice says Alberta needs to diversify around the pillars of its existing economy: energy, agriculture and tourism. Enbridge professor of energy policy at the University of Alberta Andrew Leach says: "Governments don't tend to do very well at creating new sectors of the economy. ... Will we need to use our energy royalties to not only support government services, but a start-up sector? That's the question here." Prof. Leach warns the government risks losing the "Alberta Advantage" -- low taxes -- if it invests outside the resource sector. Mr. Prentice has ruled out corporate tax hikes or changes to resource royalties.