Alberta to send $100 cheques to up to 3.4 million residents as oil royalties surge

Alberta’s finances have swung from a projected deficit to near balance after oil royalties jumped amid a rise in prices linked to the war in Iran. The province will send C$100 payments to 3.4 million residents under the Alberta Energy Rebate, replacing its usual gasoline-tax cut. The move follows disruptions to commercial traffic in the Strait of Hormuz and a period when WTI traded near US$100 a barrel, with each US$1 move affecting the provincial bottom line by about $700 million.