Jeff Rubin, a respected CIBC World Markets economist has predicted that crude oil will hit (US) $150 a barrel by 2010 and $200 a barrel by 2012. This would translate into $7 a gallon in the US or (Cdn) $2.25 a litre, twice current levels. His arguments are that world oil production has stagnated at 85 million barrels a day over the past two years. Even with the possible reduction in demand in the western world, the growing demand in China, Russia, India and the Middle East will more than offset these declines over the next five years…
