Oil will hit $100 US a barrel by 2010, CIBC World Markets predicts [View All]

[cthrumatrix]

Oil will hit $100 US a barrel by 2010, CIBC World Markets predicts
08:18 AM EDT Apr 06

TORONTO (CP) - Growing demand from the developing world and the United States will cause crude oil prices to almost double to $100 US a barrel by 2010, economists at CIBC World Markets suggest.

The report by Jeff Rubin and Peter Buchanan suggests that supply growth will lag consumption, pushing the price ever higher this decade. "While demand forecasts are ratcheting up, those of supply growth are moving in the other direction," the study released Tuesday said.

"Saudi Arabia, traditionally the backstop of global supply, is already experiencing rising water rates in its mother lode Ghawar field, an early indicator of depletion that has already resulted in falling production levels in neighbouring Oman."

The report echoes a prediction last week by American investment firm Goldman Sachs that oil could hit $105 US a barrel.

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http://www.cbc.ca/cp/business/050405/b0405144.html

Okay.... so when does the US actually plan on organizing a "alternative energy plan"...????????????