Canada’s LeaderPost has an excellent article about the coming oil price surge and the need for uber-aggressive efficiency projects.
Chinese consumers are buying more than a million cars a month — and in India when the US$2,500 Nano went on sale, more than 200,000 were ordered in the first two weeks. Adding millions of cars a month to roads will inevitably drive up oil prices.
Jeff Rubin, the former chief economist for CIBC World Markets, predicts that the price of oil will rise to US$225 a barrel by 2012. For readers who dismiss Rubin, think about this:We are in the midst of the biggest recession since the Great Depression and oil has already risen above US$80 a barrel. In 2003, few pundits would have thought US$80 oil was possible. (And Rubin’s past predictions have proven deadly accurate: In 2006, he predicted oil would hit US$150 a barrel in 2008.)
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