Revenues from the oil and gas sector haven't been this low since the early 1970s, according to government documents. Watch | Alberta on track to record-setting $24.2B budget deficit:Alberta Finance Minister Travis Toews presents highlights of the first-quarter fiscal update. Addiction to royaltiesSince the pandemic, the sector has struggled with too much oil production and too little demand for fuels. Updated with today's Q1 #ableg Fiscal Update: resource revenues as a share of total down to barely 3% of the total. pic.twitter.com/bGQUGAvGJa —@trevortombeThe reliance on the oil and gas sector is nothing new, as the University of Calgary's Ron Kneebone detailed in a 2013 research paper about Alberta's finances.

Source: CBC News August 28, 2020 07:52 UTC