Alberta Says Budget Deficit to Widen on Lower Oil Price

Alberta will record a wider budget deficit in the fiscal year that began April 1 because of declining revenue from oil, Finance Minister Doug Horner said.

The deficit will widen to a range between C$2.3 billion ($2.32 billion) and C$3 billion, up from an original forecast of C$886 million, Horner said on a conference call with media from the provincial capitol of Edmonton. The province’s outlook for oil has been cut to an average of $92.75 a barrel from an initial forecast of $99.25 on Feb. 9, government documents show. Oil has averaged $92.42 Since April 1.