Canada's Alberta to limit spending because of oil price drop

Mon Dec 15, 2014 2:55pm EST
 
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CALGARY Alberta Dec 15 (Reuters) - The Canadian province of Alberta, whose oil sands are the largest source of U.S. oil imports, said on Monday it will immediately move to rein in spending for the remainder of the fiscal year to cope with the rapid fall in crude prices.

The province, which relies on payments from the petroleum industry to fund nearly a third of its budget, said it will restrain new hiring, limit spending on goods and services and cut discretionary grants, travel and training costs.

Alberta's current fiscal year ends March 31, 2015. (Reporting by Scott Haggett; Editing by Alan Crosby)