A six-year streak of provincial budget deficits in Alberta ended in 2021 thanks to higher oil and natural gas prices that drove a five-fold increase by government royalties, according to an annual treasury review.


In the Alberta provincial treasury annual review for the year ended March 31, 2022, Finance Minister Jason Nixon reported record royalties of C$16.2 billion ($13 billion), up from C$3.1 billion ($2.5 billion) in 2020-2021.

The new Alberta royalty record topped the previous high, C$14.3 billion ($11.4 billion) in 2005-2006, by 13% and accounted for one-fourth of the treasury’s 2021-2022 total revenue of C$68.3 billion ($54.6 billion).

The fossil fuel bonus enabled the Alberta government to blow away its gloomy forecast of a 2021-2022 deficit of C$18.2 billion...