Following her party’s first caucus meeting of the year, Premier Alison Redford said the province’s financial future hinges on expanding the markets where Alberta’s bitumen is sold.

Redford said in a press conference Monday, following a meeting with the Conservative caucus, that the province is losing about $75 million every day in potential oil revenue – as a direct result of the difference in price between Alberta bitumen, and U.S. oil.

Now, the price of the bitumen, also known as Western Canada Select is at about $51 per barrel, while the price of U.S. oil, called West Texas Intermediate, just more than $40 higher – at just over $93 per barrel.

With American production expanding, the province said a pipeline to new markets is needed more than ever.

“It’s fundamental for us to be able to get our product to tide water, to open up international markets and to get a much fairer price for our resource,” Redford said.

The news is coming at a time when the province is preparing to put together the provincial budget – but where could Albertans see cuts?

Redford didn’t say.

“We’re committed to supporting families and communities, to ensuring that healthcare and education are priorities,” Redford said.

Former MLA and business professor Dr. Mike Percy said the provincial government is in a tight spot.

“Since taxes have been ruled out, at least in the short term, it’s going to either fall on capital expenditures or operating expenditures,” Percy said. “So the other shoe will drop sometime in February when the provincial budget’s released.”

However critics believe Redford should have seen the shortfall coming.

“This has been going on for years, the difference between these prices and it’s something that the government should have planned for,” NDP MLA David Eggen said. “What the issue with the unbalanced mess of the budget we have today is that we are not collecting the resource revenue we need to.

“And that the government made promises they couldn’t keep in the election back in April.”

In April 2012, the province projected the cost of bitumen to be at $83.28 – however, the actual price on Friday, Jan. 11 was at $51.72.

Over one year, such a difference in price would end up costing the province $30 billion.

With files from David Ewasuk