Alberta's financial situation is looking better thanks primarily to strong energy prices. 

Going into the 2021-22 budget in February of 2021, the province was predicting an $18.2 billion deficit as the global pandemic raged on. 

Fast forward to June of 2022 and Jason Nixon, President of the Treasury Board and Minister of Finance says Alberta ended the 2021-22 fiscal year with a surplus of $3.9 billion, the first surplus in seven years. 

A surplus is due in large part to the jump in West Texas Intermediate crude from $40 to $50 US per barrel to an average of $77 per barrel or $31 a barrel higher than expected. The demand for energy surged due to economies reopening from the pandemic and Russian invading Ukraine. 

Nixon says, "The fact is, what goes up will come down." adding that his government is being fiscally responsible when it comes to volatile resource revenues. 

The government's spending was higher than estimated in the budget spending $64.4 billion, $2.5 billion above forecast. COVID-19 recovery plan expenses cost $3.8 billion, and $3.1 billion was spent on disaster and emergency assistance.