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will believe it when i see it
C/O cbc.caBrace for $1.75-a-litre gas if storms ravage Gulf, CIBC's Rubin says
Toronto economist Jeff Rubin, who has predicted that oil will hit $200 US a barrel by 2010, says drivers should brace for gasoline to spike to $1.75 Cdn a litre this year as storms threaten oil production in the Gulf of Mexico.
CIBC World Markets, where Rubin is chief economist and chief strategist, issued a statement Friday quoting him as saying that tropical storm Gustav is "tracking another potentially lethal swath through America's energy heartland" three years after hurricanes Katrina and Rita upset production there.
"And with both oil and gasoline inventories much lower than when Katrina and Rita hit, the price consequences could be even worse this time. Any replays of the 2005 storm season could see gasoline prices soar to $1.75 per litre," he said.
In a commentary posted on the firm's website, Rubin added:
"Whether Gustav ultimately lives up to its hurricane billings and sidelines production like Rita and Katrina remains to be seen, but its very presence in the rig-dotted region underscores the vulnerability of U.S. domestic crude supply to climate change.
"Just as America has come to rely more and more on Gulf production to offset steadily declining production from Alaska and the lower 48 states, the frequency of high grade storms (class 3 to 5 hurricanes) in the region has nearly doubled in recent years. America’s one and only source of production growth could be shut down again and the price impacts would be severe."
CIBC World Markets is an arm of Canadian Imperial Bank of Commerce.
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will believe it when i see it
sailorboy, you are going to see it, have no doubt, got back from Scotland, seen the nearly 3 dollars a litre, these people have a captive audience, payers, we are going to pay, have no doubt about it, I came here in 74, 28 cents a gallon, GALLON, these people know, they are on a good thing, does not matter to them, the price, YOU and I, and EVERY ONE else are going to pay, have no fear, this is a gold mine for them, in last few years they have realised, no gas, petrol, guess what, no body goes anywhere, including big companies, they have you, me, Governments, in the loop, you dont pay, you dont go, and the Governments, cant do, WONT do, a thing about it, why, they cant// you tell me, what do we do, not a thing, as we cant, they have us, they have the Governments, whether in U,S, Canada, or UK, they RULE, we , or the Governments do not, these people could buy countries, they have the money, where is it going to end, probably in A BIG WAR///
does that mean i have to trade in my harley for a cow a socky... :(
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what gets me the most is that a barrel of oil at the time im writing this is almost down to $100 or less a barrel yet prices are still in the 1.20-1.50 range what gives?? i personally dont think you will see 1.75 this year but it is comming if this is the newest trend
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meanwhile gas will be dropping 4 cents a litre overnight. gas will be selling for .04 a litre
[SIGPIC][/SIGPIC]
here in california we pay up to 4.00 bucks a gallon. tell me about pain. hey i got a good one i hear that gas stations are going to start playing porno at the pump, so we ca see someone else getting screwed at the same time lol!
Originally Posted by spanky_98
Thats not what I just seen......
CityNews: Gas Prices Could Fall 10-15 Cents Before The End Of The Year
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