Difficult to predict: Alberta government confronts highly volatile oil prices as it prepares forecast for upcoming provincial budget

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High oil prices will be a cornerstone of Alberta’s upcoming provincial budget, but forecasting the volatile commodity amidst international conflict in Eastern Europe could prove to be a difficult task for finance minister Travis Toews.

As inflation surges, oil prices are rising imminently closer to $100 per barrel and energy analysts predict it could skyrocket even higher if tensions intensify between Russia and Ukraine.

“This is probably going to add another $10 to $15 to the spot price here today,” said Jeremy McCrea, director of energy research at Raymond James Ltd.

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Original Article Source Credits: CTV News, https://calgary.ctvnews.ca

Article Written By: Mark Villani

Original Article Posted on: Feb. 24, 2022

Link to Original Article: https://calgary.ctvnews.ca/difficult-to-predict-alberta-government-confronts-highly-volatile-oil-prices-as-it-prepares-forecast-for-upcoming-provincial-budget-1.5793119