Alberta’s government is now projecting a $2 billion surplus for the current fiscal year, a dramatic shift from previous forecasts of a $9.4 billion deficit. This unexpected turnaround is directly attributed to a surge in oil prices, fueled by the war in Iran. The escalating conflict has caused global uncertainty and increased demand for oil, benefiting Alberta’s energy sector. Higher oil revenues have significantly boosted the province’s financial outlook, allowing it to move from a projected shortfall to a substantial surplus. This financial revision will likely impact government spending and policy decisions in the coming months. The province had initially prepared for austerity measures based on the deficit projection. This positive change provides increased fiscal flexibility for Alberta.