Middle East Chaos Hands Canada a $65 Billion Gift

At the end of February, the Alberta government released its draft budget for the year, forecasting a deficit resulting from low oil prices, set to extend over the next three years. Now, Canada—and Alberta specifically—are about to become some of the big winners from the oil price rally resulting from the Middle East supply crunch. Canadian oil producers are set to get an additional revenue of some C$90 billion ($65.6 billion) from the rally, Enverus recently predicted, using modelling that showed for every $10 gain in oil prices, Canadian…