Alberta has surpassed $25 a barrel as the price of oil continues to rise.
The oil minister, Derek Fillebrandt, said Tuesday in Calgary that Alberta has now become the seventh-largest country in the world to reach the $25 mark.
The news comes just days after Canada announced it had completed the construction of a new $15-billion pipeline to bring oil from the oilsands region to the West Coast.
Alberta’s Energy Minister said that despite the rise in oil prices, the province is still seeing the benefits of a low oil price.
Fildebrandts statement came after the province announced it completed the first phase of a $15 billion pipeline from the Edmonton-St. Albert oil sands to the west coast.
The project, which started in the fall, has already been completed and it will run from Edmonton to Fort McMurray.
Fillebrandts announcement was in response to a question from a reporter who asked if Alberta was on track to reach its $25-per-barrel goal by the end of 2019.
“That’s still not quite there,” Fillebrands response read.
“We still have a ways to go.
But we’re getting there.”
Alberta has now surpassed $10 per barrel as crude oil prices have risen nearly $10 a barrel in recent weeks.
The Alberta government expects oil prices to rise further in 2019 as demand for oil increases, and the country’s economy picks up.
The provincial government said in November that it expects the average price of a barrel of crude to hit $50 a barrel by 2020.