Metroblog

A one-time school project gone terribly, terribly wrong.

24 April 2008

Oil at $225 a Barrel? Gas at $2.25 a Litre? By 2012?

Well when the lead thinking head at the Canadian Imperial Bank of Commerce thinks so, I figure it's time to start polishing my bike.
"The point is that the solution lies not with the supply curve, it lies with the demand curve," Rubin said. "It's not about finding new sources of energy supply, it's about consuming less energy, because ultimately, that's what we're going to have to do."
Emphasis mine.

Jeff Rubin figures that peak oil plus increased demand for it from the "developing nations" will result in higher prices. Go read the article.

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2 Comments:

At 11:57 PM, Anonymous G Eagle Esq said...

"GAS" "??? GAS"

Do you mean PETROL !!!

Here in Inglaterra, a litre of petrol cost :

£1.05.9 in Derventio (a town in Mercia on what was the Roman frontier in 50AD)

£1.08.9 in Londinium

What is that in Canadian/US currency ?

 
At 7:14 AM, Blogger Metro said...

It's about $2.20. The same in $US.

That's depressing. England has wonderful public transit compared to us (and to much of the world). Yet how much would petrol have to cost to get more people out of their cars?

Maybe I should be cheering for $5 gas?

To be clear: I feel that $2.25 is a much-needed correction, more closely approaching the costs of consumption.

 

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