Gas $7 Per Gallon in Four Years
Time to buy a bike: Gasoline prices in North America will soar over the next four years to $7.00, causing a massive jolt to the continent's manufacturing base not seen since the oil shocks of the 1970s, a leading economist is warning. Jeff Rubin of CIBC World Markets was laughed at three years ago when he predicted $ 100 per barrel oil, and now thinks it will climb to $225 in four years. (Houston Chronicle quotes him as saying gas will cost $10 per gallon) From the National Post:
"Stripping out natural gas liquids, oil production has not grown for over two years, which certainly goes a long way to explaining why oil prices have doubled over that period," Rubin said. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity."
Rubin predicts hybrids will go "from marketing and PR fluff to the core of car production." People will move closer to where they work. "I think there will be fewer people on the road in North America in five years than there is right now." ::Houston Chronicle and ::National Post