Alberta Surplus Swells to Over $2 Billion on Back of Oil Boom
Alberta's economy is booming thanks to high oil prices, which are forecasted to bring in $9.7 billion more than initially predicted.
The province's first-quarter fiscal update reveals a budget surplus of over $2 billion, a significant improvement from the predicted $9.4 billion deficit.
Finance Minister Jason Nixon attributes the positive results to non-renewable resource revenues, which have been boosted by high oil prices due in part to the Iran war.
Nixon also notes that a weaker Canadian dollar is contributing to the province's increased revenue, with a one-cent drop resulting in about $440 million added to Alberta's coffers.
However, the province still faces a cash-deficit situation, and would need an additional $4.3 billion boost to balance its books.