Jeff Rubin: $100/barrel oil will return by Memorial Day

Atlantic Gateway concept "reflects yesterday's economy," says oil economist Jeff Rubin. Exclusive full interview with Rubin.

Oil prices will reach $100/barrel by the end of this winter, and we'll see a return to $1.40/litre ($4/gallon in the US) gasoline prices by Memorial Day, says Jeff Rubin, formerly chief economist with CIBC World Markets and author of Why Your World is About to get a Whole Lot Smaller.

Rubin, who will be speaking to the Halifax Chamber of Commerce November 4, also casts doubt on the logic behind the Atlantic Gateway concept.

In his book, Rubin argues that the defining feature of the world economy is the price of oil. High oil prices caused the American financial meltdown, not the other way around, says Rubin, and high oil prices are sure to return once the recession is over.

As he explains it, the underlying issue is that we have either just reached, or are just about to reach, "peak oil"---the point where total oil production declines, no matter the price for oil. As a result, global trade will necessarily have to diminish, and we'll return to the local economies of the past.

A transcript of my interview with Rubin follows.

About The Author

Support The Coast

At a time when the city needs local coverage more than ever, we’re asking for your help to support independent journalism. We are committed as always to providing free access to readers, particularly as we confront the impact of COVID-19 in Halifax and beyond.

Read more about the work we do here, or consider making a donation. Thank you for your support!

Comments (9)

Add a comment

Add a Comment

Get more Halifax

The Coast Daily email newsletter is your extra dose of the city Monday through Friday. Sign up and go deep on Halifax.

Recent Comments