When resource revenue is relatively high, the government faces pressure to increase spending.
If it held the line on spending, the government could have run a $6.7 billion surplus in 2023/24.
Program spending is projected to be $4.2 billion higher in 2023/24 than budgeted just a few months ago.
Successive governments have perpetuated the boom-bust cycle of provincial finances.
The province will run a projected $12.3 billion budget surplus this fiscal year.
Due to tax hikes in Ottawa and Edmonton, the province's top combined income tax rate increased to 48 per cent.
Governments in Alberta have a long history of increasing provincial spending during periods of high resource revenue, which inevitably leads to deficits once resource revenues decline.
The province will run a $13.2 billion projected surplus in 2022/23 due largely to resource revenue.
The province's revenues could be up to $28 billion higher over the next two years.