Premier Rachel Notley says she is pleased to see the price of oil starting to rebound, but isn’t celebrating just yet.
Oil briefly hit $50 a barrel Thursday before closing just below that mark at $49.48.
Oil started the year at about $35 a barrel.
“Our budget projections are annualized and so obviously right now this particular price is above what we projected and that is wonderful, but we have also seen that prices can go up and down quite a bit.”
The Alberta budget that was tabled in April, complete with a $10.4 billion deficit, forecast oil to be at about $42 a barrel.