Alberta Surplus Swells to $2 Billion Amid Oil Price Surge

Alberta's finance minister, Jason Nixon, announced a significant budgetary turnaround due to high oil prices. Instead of the $9.4 billion deficit forecast just before war broke out with Iran, the province expects a $2 billion surplus this year.

The unexpected increase is largely attributed to the prolonged squeeze on oil tankers' access to the Strait of Hormuz shipping route, which led to higher global oil prices. The average price per barrel has increased from $60.50 US in February to around $88 US currently.

Nixon warned that Alberta should remain cautious and not mistake this temporary windfall for a permanent trend. He emphasized that unexpected events or trade wars could create more volatility, and the province will continue to budget conservatively.