Fiscal revenue collected summaries
| Resource Revenue ($ Millions) | Other Revenue ($ Millions) |
|---|---|
| Natural Gas and By-product Royalty | Bonuses and Sales of Crown Leases |
| 2016/17 $520 2017/18 $645 2018/19 $536 2019/20 $372 2020/21 $465 2021/22 $2,226 | 2016/17 $203 2017/18 $564 2018/19 $360 2019/20 $120 2020/21 $24 2021/22 $228 |
How much money does Alberta make from oil and gas?
Since the start of the year, Alberta’s oil production has been booming. “We’re producing about $12 billion a month of oil,” said Alberta Central’s chief economist Charles St-Arnaud.
How much money does Alberta make from oil 2022?
Because oil prices have softened but remain robust, the forecast surplus has been updated to $12.3 billion, slightly down from $13.2 billion at the first quarter of 2022-23. Total revenue of $76.9 billion is now forecast, $14.3 billion higher than estimated in Budget 2022.
How much revenue does Alberta get from oil?
Specifically, resource revenue, which includes natural gas and oil royalties, is expected to increase from $3.3 billion in 2020/21 to $13.7 billion in 2021/22 (after adjusting for inflation).
Where does Alberta get its money?
Alberta has the “lowest taxes overall of any province or territory” in Canada, due in part to having high resource tax revenues. However, overall tax revenues from oil royalties and other non-renewable sources has fallen steeply along with the drop in global oil prices.
Which Canadian province is the most oil rich?
Alberta
Alberta is Canada’s largest oil and natural gas producer and is home to vast deposits of both resources. Alberta oil production makes up about 80% of Canada’s total oil production. Alberta’s oil sands are located in the northern area of the province, while natural gas is found throughout the province.
How much Alberta oil goes to the US?
During the same year, 11% of Alberta’s oil was delivered to refineries in other parts of Canada, and 74% was exported to U.S. markets. Only 0.1% was exported to other countries. Over time, a growing proportion of Alberta’s oil sands production has been exported in the form of non- upgraded bitumen.
How long will the oil in Alberta last?
The CER said oil production is likely to remain resilient over the next three decades, despite relatively low oil prices and steadily more ambitious climate policies, thanks to northern Alberta’s vast oil sands deposits, which account for nearly two-thirds of Canadian production.
Who buys Alberta’s oil?
Imperial Oil, ExxonMobil Canada selling central Alberta assets to Whitecap for $1.9B. Imperial Oil Ltd. says it and ExxonMobil Canada have entered into an agreement to sell the Montney and Duvernay oil and gas-producing areas of central Alberta to Whitecap Resources Inc.
What happens when Alberta runs out of oil?
Alberta will lose a key source of income at the same time that it becomes liable for billions of dollars in ecological cleanup costs. Yet overall the Canadian economy will be fine. Oil is a small enough part of Canada’s GDP that the country as a whole won’t suffer catastrophic losses.
How much money does Alberta make from coal?
In 2021, the Alberta government collected $7.3 million in royalties from coal (this does not include freehold production of coal). Royalties vary annually depending on the coal price. In the last five years, royalties have ranged between $7 million and $23 million per year.
Which natural resources does Alberta make the most profit from?
Resources and power
Alberta produces the vast majority of Canada’s natural gas and crude oil and roughly half of its coal.
How much money does Alberta make for Canada?
In 2021, Alberta’s provincial government had a revenue of 59.1 billion Canadian dollars, which was an increase from the previous year. Additionally, Alberta’s government had expenditures totaling about 65.85 billion Canadian dollars in 2021.
What is the main economy of Alberta?
In that year, the construction industry accounted for 7.91 percent of the GDP of Alberta.
Distribution of gross domestic product of Alberta, Canada in 2021, by industry.
| Characteristic | Share of GDP |
|---|---|
| Finance and insurance | 4.68% |
| Retail trade | 4.34% |
| Wholesale trade | 4.25% |
| Educational services | 4.05% |
What drives the economy in Alberta?
Economic Growth
Over 50% higher than the national average, Alberta’s growth surpassed all other provinces. This growth was driven by the energy industry.
What is Alberta’s largest industry?
Last week, Alberta’s energy minister, sent out a tweet in which she claimed that the oil and gas sector is the largest industry in Alberta.
Is it true that oil and gas is Alberta’s largest industry?
| Industry | 2019 GDP |
|---|---|
| Mining, quarrying, and oil and gas extraction | $87.88 |
| Real estate and rental and leasing | $34.82 |
| Construction | $25.21 |
| Manufacturing | $24.97 |
How long will Alberta oil sands last?
Nevertheless, oil production there is expected to continue for at least two more decades. Local companies have stepped in to keep working the existing mines and wells. Last year, the oil sands were on track to deliver more oil than ever.
Who has more oil Alberta or Saskatchewan?
Alberta contains nearly all of Canada’s oil sands and much of its conventional oil reserves. The balance is concentrated in several other provinces and territories. Saskatchewan and offshore areas of Newfoundland in particular have substantial oil production and reserves.
Is Alberta oil the cleanest in the world?
What conclusion can be drawn ? No studies suggest that oil sands crude from Alberta is the cleanest of all types of oil, let alone the cleanest type of energy in the world.
Who benefits from Keystone pipeline?
Once in-service, Keystone XL will also contribute an estimated $62 million in annual property taxes to Canadian and U.S. municipalities along the pipeline right-of-way, these dollars will support community services such as fire protection, policing, schools, hospital districts and waste management.
Why doesn’t the US get more oil from Canada?
Canada has ample reserves under its soil to meet U.S. demand, said Kevin Birn, an analyst with S&P Global Commodity Insights. It just doesn’t have enough pipeline capacity to pump it here, he said.