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.

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