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Varcoe: War on Iran drives up oil price, reverberates through Canadian companies, Alberta budget

Geopolitical volatility can quickly reshape global energy markets, and alter Alberta’s financial situation

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Alberta’s finance minister was discussing his new budget with Calgary’s business community Friday when he was asked what he hoped the financial discussion would focus on in a year’s time.

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“Why did you sandbag oil at 60 bucks when it’s sitting at $98,” Nate Horner told the Calgary Chamber of Commerce audience in jest.

Much of Horner’s lunch-hour talk focused on Alberta’s $9.4-billion deficit forecast, based on benchmark U.S. oil prices averaging US$60.50 a barrel for the upcoming fiscal year.

However, the forecast may soon be out of date, highlighting how geopolitical volatility can quickly reshape global........

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