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Alberta Expects $13 Billion Surplus From Increased Oil and Gas Prices

oil and gas industry

Alberta’s Premier Jason Kenney announced via Twitter on Monday that the province would record a surplus of $13.2 billion in the current fiscal year, a 25-fold increase over the surplus of C$515 million that was initially forecast for the year.

Kenney has stated that the province will be able to reduce taxes for citizens due to the larger surplus, which will enable them to deal with the effects of rising inflation.

Keeping an electricity rebate and suspending its gasoline tax will save Albertans around C$300 per year, and the province will restart the process of indexing its tax brackets to inflation, he added.

Alberta will put almost C$3 billion, the largest yearly contribution into a special fund created to preserve some of the province’s oil wealth for future generations. However, Kenney assured the public that the government would reject proposals for additional spending that could increase inflation.

“Thankfully, we are back in a strong surplus position, and we’re not going to go out — as some will demand — and spend it on every interest-group demand,” said Kenney. “We will make careful investments where it’s needed, like continuing to increase health-care capacity and criminal justice to keep our streets safe.”

Original source material for this article taken from here

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Written by Olivia Woods

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