The Minister of Finance, Nate Horner, says that softening oil prices means that the projected budget deficit of this year is expected to grow at $ 1.3 billion, and will now end at $ 6.5 billion in red when the fiscal year ends next spring.
This year’s projected budget deficit is expected to grow at $ 1.3b
The bad news for Alberta’s revolving oil budget will get worse.
The Minister of Finance, Nate Horner, says that softening oil prices means that the projected budget deficit of this year is expected to grow at $ 1.3 billion, and will now end at $ 6.5 billion in red when the fiscal year ends next spring.
That represents a mass multimillionaire swing in Alberta’s financial fortune, since it comes from a $ 8.3 billion surplus the previous year.
The government says that the uncertainty created by American commercial policy is harming Alberta’s economy and remains a significant risk to the rest of the year.
Oil prices remain the determining factor in Alberta’s budget, as they have done for decades.
Each drop in dollars in the price per barrel for the intermediate reference West Texas cuts $ 750 million since the final result of Alberta, and Alberta has reduced its prognosis by more than US $ 4 per barrel since it introduced the 2025 budget in February.
