Alberta’s economy impacted by falling oil prices

Premier Danielle Smith’s United Conservative government has unveiled a budget projecting significant deficits over the next four years, driven by low global oil prices. Non-renewable resource revenues are expected to contribute $13.2 billion, making up 18% of total revenue, with oil price forecasts averaging $60.50 per barrel for 2026-27. Experts express concern that these estimates may be overly optimistic, highlighting the risks associated with fluctuating oil prices and the province’s ongoing reliance on the oil and gas sector.

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