Alberta recorded its first fiscal surplus in seven years after oil and gas prices surged in the first months of the year.
Alberta, Canada’s oil-producing province, recorded its first fiscal surplus in seven years after oil and gas prices surged in the first months of the year.
Alberta’s energy-based economy -- its oil sands hold the world’s third-largest oil reserves -- has emerged from the pandemic with the most robust economic growth in years thanks to the windfall of royalty and tax revenue. Oil prices surged above US$100 a barrel during the last month of the fiscal year, after the Russian invasion of Ukraine prompted countries to shun Russian oil. In March, the government presented a budget for the 2022-2023 year that included the first surplus since 2014.
The government said it used the surplus from the last fiscal year to pay down debt by $1.3 billion. The province’s Alberta Heritage Savings Trust Fund grew to $18.7 billion, the highest net value in its history, the government said.Revenue of $68.3 billion was $24.6 billion more than budgeted
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