Southwest ring road construction schedule under review, says Premier Jim Prentice

AlbertaPremier Jim Prentice says construction of the southwestring roadinCalgary is one of the capital projects now under review.

• Calgary's S.W. ring road deal signed at ceremony
• Jim Prentice says 'tough choices' needed to face Alberta's financial crisis
• Alberta now facing $500M deficit due to dropping oil prices

Plummeting oil prices have caused the province to reassess its financial future.Prentice saysAlberta will need to cut public spending and work towards a more diversified economy if it is going to weather the latest budget crisis.

The premier was speakingwith reporters fromToronto today when he wasasked if the ring road could be deferred or even scrapped.

"We're all in this together, we have to look at all of the projects together, and we need to arrive at decisions that are in the best interest of everyone in the province," he said.

The ring road is complicated by the fact that certain investment deadlines have to be met or the land reverts to the Tsuu T'inaFirst Nation.

The projected cost of the road is $5 billion.

Construction on Calgary's new cancer centre could be delayed because of decreased revenues from falling oil prices.