Premier Jason Kenney announced a stark reality for Albertans as the COVID-19 pandemic is expected to peak next month, but the global recession not estimated to recover until later this year. 

In his televised address on Tuesday, April 7, the Premier said the provincial deficit will likely nearly triple from $7 billion to $20 billion by the end of this year. 

"Western Canadian oil has fallen as low as three dollars a barrel. There is a very real possibility that, as global inventories overflow, our energy will hit negative prices," Kenney said, emphasizing the loss that would be seen for Albertan jobs and families if this happens.

“Much of this is due to the COVID-19 recession, but it has been made worse by a predatory price war led by Saudi Arabia and Russia, who are trying permanently to damage North America’s energy industry.

"That is why we have begun discussions with US leaders about a coordinated defence of North American energy independence to protect us from the reckless actions of those regimes. It is also why we made a historic investment to start construction on the Keystone XL Pipeline. With this, we have taken control of our economic destiny, demonstrating real confidence in our future. 

We have appointed an Economic Recovery Council, made up of some of our province’s brightest minds, to develop a plan to get us through the crisis, and emerge with a stronger, more diversified economy.

“And we have taken extraordinary action to help families and employers, committing $12 billion to our COVID-19 Action Plan. That includes over two dozen initiatives, like deferrals on taxes, mortgages, utility payments, and student loans; extra money for homeless shelters and charities serving the isolated; and emergency isolation payments."

Kenney announced they would also be including a "new huge investment in job-creating infrastructure projects."

“Together with a collapse in revenues, this will have an enormous impact on our province’s finances. Alberta’s budget deficit this year may triple from $7 billion to almost $20 billion. We will face great fiscal reckoning in the future.”

-With files from the Government of Alberta