Flashback to last june, oil prices were well over $100. On Wednesday, the benchmark commodity West Texas Intermediate closed at over $72 a barrel...
On Wednesday, the benchmark commodity West Texas Intermediate closed at over $72 a barrel, which is significant as Alberta's budget is heavily reliant on revenues from oil.
Under Budget 2023, the United Conservative Party government projected a surplus of $10 billion, largely due to oil. "I think it does mean that some of the plans we've seen announced in the election campaign, under the assumption of a surplus for the coming year, might be more challenging to actually follow through on," he said.CTV News reached out to the UCP campaign with questions about low oil prices and what that would mean if it continued after the election and received the following response:
"The UCP also introduced a new fiscal framework in Budget 2023, which is a responsible spending plan that ensures Albertans can rely on balanced budgets, debt repayment, keeping spending in line with inflation and population growth and growing the Heritage Savings Trust Fund. The NDP's plan is to raise taxes on job creators, which caused investment and jobs to flee our province at record levels.""We need to get Alberta off the revenue roller coaster.
It went on to say, "An Alberta NDP government will enact new affordability measures to ensure Albertans can make ends meet. Our party will present a comprehensive plan in the coming days."Calgary's mayor says she's not hearing concerns from corporate head offices, and diverse businesses also contribute to the economy.
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