Shift in global oil and gas prices translated into $16.1-billion in royalty revenues for the province and helped erase $18.2-billion shortfall predicted in budget
Alberta posted a multi-billion-dollar surplus in the last fiscal year after a record windfall of energy revenue erased a forecasted deficit that motivated the government to cut spending.
“We have to take our time,” he said. “We need to recognize that if we go too far with this, we could actually make the situation worse even though we are trying to help.” , based on WTI averaging US$70 per barrel in the fiscal year, and Russia’s invasion of Ukraine has kept the price well above this mark. For every $1 over its WTI assumption, the government expects to collect an additional $500-million.
Lindsay Tedds, the scientific director of fiscal and economic policy at the School of Public Policy at the University of Calgary, said the UCP’s tepid approach to spending is warranted. Resource revenue is unstable and should not underpin long-term spending plans.
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