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In a year dealing with a global pandemic and a historic oil price crash, Alberta’s budget was released last week with an $18.2 billion deficit, though offered prosperous times in the future. Getting out of the pandemic is first priority, as it has decimated the province. By controlling the virus and outbreaks, oil and gas activity can continue. The vaccine rollout and potential high demand for oil and gas products coming out of the pandemic play into the province’s hand. Finance Minister Travis Toews is forecasting the economy to reach pre-COVID levels by 2022, a year earlier than expected. The oil and gas sector has an important part to play in Alberta’s economic recovery. The industry has shown its ability to bounce back from hard times in the past and is showing its resilience once again. Continuing along the path of innovation in the sector creates jobs and brings in much-needed revenue. Due to representing nearly 30% of economic activity and providing well over 400,000 jobs, the sector continues to be the backbone of the province and will be needed more than ever moving forward. While the budget presumes conservative oil prices of $46 per barrel for the fiscal […]
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