Oil prices have slipped below US$58 a barrel

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Just in time for budgeting season, oil prices have slipped below US$58 a barrel, as the Alberta government and petroleum producers are busy assembling their plans for 2026. 

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While several oilsands producers are keeping their spending programs relatively flat for next year, the province is headed for more red ink if energy prices don’t improve, says Premier Danielle Smith. 

“We’re going to run deficits and it’s not pleasant to do that,” Smith said in an interview Thursday. 

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“This is why we were investing in the Heritage Savings Trust Fund . . . but there’s going to be some difficulties in the meantime because it’s still such a huge portion of our revenues.”

Prices for benchmark West Texas Intermediate crude started the year over US$70 a barrel, but have remained below $60 for most of December, dipping slightly on Friday to close at $57.44. 

Finance Minister Nathan Horner has previously estimated Alberta needs oil prices to average US$74 a barrel throughout the fiscal year for the........

© Edmonton Journal