Alberta Surplus Soars to $2 Billion as Oil Prices Surge

Alberta's finances have taken a dramatic turn for the better after oil prices surged due to the U.S. war with Iran.

The province now expects a $2 billion surplus for 2026-27, up from an initial forecast of a $9.4 billion deficit in February.

Finance Minister Jason Nixon attributed the turnaround to 'an opportunity' and vowed not to waste it.

The first-quarter fiscal update revealed a massive $11.4 billion improvement, with non-renewable resource revenue increasing by $9.7 billion thanks to higher oil prices, averaging US$73.50 per barrel for West Texas Intermediate (WTI) crude.