It goes further then that Campbell.
They didn't like the budget that the government put out, we know that there was an exaggeration in the price of Oil in there, and it goes towards an increase in borrowing and debt.
Are the oil prices a big factor in this? Absolutely, but the mass infrastructure borrowing, and the borrowing to cover the day to day administrative costs of government were a pretty big factor as well, and those were defined before the floor fell out again.
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My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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