Alberta’s deficit likely less than expected due to surging oil and gas prices [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Alberta’s oil-dependent budget has gone from bleak to relatively bountiful, in a matter of months. In February, the United Conservative Party (UCP) government predicted it would take until 2023 for non-renewable resource revenues to fully recover. But with global oil and natural gas demand surging for a good portion of 2021, those resource revenues will likely hit $10.9-billion this fiscal year – edging in on records set in the heady boom period around 15 years ago. Royalties paid on bitumen from the province’s oil sands are set to comprise 70 per cent of Alberta’s non-renewable resource revenues, the highest percentage on record. According to a second-quarter fiscal update released on Tuesday, revenues from higher crude prices and increased economic activity mean the deficit is now likely to be less than one-third the $18.2-billion estimated in the budget nine months ago. The deficit for 2021-22 is now forecast at $5.8-billion. In the next two years, the government is forecasting mor
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