The Globe and Mail reports in its Wednesday, Oct. 7, edition that higher oil prices will boost tax revenue as Ottawa prepares its fall budget, but economists believe Prime Minister Carney's government has already allocated most of that money. The Globe's Bill Curry writes that consequently, Finance Minister Francois-Philippe Champagne is not expected to have much room for new spending. The 2026 budget date hasn't been announced yet. Last year's budget was released in November. The 2025 budget assumed the cost of West Texas Intermediate crude would average $65 (U.S.) per barrel in 2026. The April spring update revised that to $73 (U.S.) per barrel. The price of oil has climbed further since. Some economists warn that the gains from higher oil prices could be short-lived and the fiscal track could fall behind projections in future years. Carleton University associate professor Jennifer Robson says that while oil prices are generating a revenue bump, she isn't seeing much evidence that the government is making significant cuts to operations spending. Business Council of Canada economist Marc Desormeaux thinks the revenue gains linked to higher oil prices could be as much as $7-billion (Canadian).