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Varcoe: 'We haven't seen anything yet' — Volatile oil markets meet Alberta's revenue roller-coaster

'We do have a volatile budget and resource revenues are the key driver of it, but going forward it’s going to get even worse,' said U of C economist Trevor Tombe

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As of late Tuesday morning, Alberta’s projected deficit for the incoming budget was — theoretically — sitting at $1.1 billion.

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If that came to pass, it would be a far cry from the $9.4-billion in red ink Finance Minister Nate Horner was forecasting just two weeks ago when he released Alberta’s new fiscal blueprint.

That ugly deficit outlook for the budget year that starts April 1 was predicated, in part, on the price of West Texas Intermediate (WTI) crude averaging US$60.50 a barrel.

Yet, based on oil futures at $72.60 a barrel at midday Tuesday,........

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