Alberta will make the biggest single-year debt repayment in its history as surging oil prices boost revenue and generate a $13.2 billion budget surplus.
Alberta will make the biggest single-year debt repayment in its history as surging oil prices boost revenue and generate a $13.2 billion budget surplus.
Alberta, which holds the world’s third-largest oil reserves, is reaping a fiscal windfall from oil prices that surged as high as US$130 a barrel after Russia’s invasion of Ukraine. The new projected surplus is 25 times bigger than the originally forecast $515 million surplus and marks a reversal of fortunes for Alberta, which ran a $17 billion deficit in the fiscal year ended March 2021 amid depressed oil prices and tumbling energy investment.
The budget assumes West Texas Intermediate oil will average US$92.50 a barrel for the year, US$22.50 higher than originally projected.
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