Subscribe$200 Dollar Per Barrel for Next Year?
"Jeff Rubin believes that oil prices are going to escalate much higher. In his book Why Your World is About to Get a Whole Lot Smaller, Rubin foretells $200 oil and a vastly transformed global economic picture coming into focus very soon.
The premise of Rubin’s book is that oil is a finite resource and so-called ‘easy’ oil is waning. Inevitably production will be unable to keep up with the growing demand worldwide, and the price of oil will skyrocket.
The chief economist at CIBC World Markets in Canada for 20" Rubin correctly predicted the price of oil reaching $50 in 2005 and $100 in 2007. No one believed him then either.
My comment: People do not want to accept or understand that oil has peaked. I have said before it is cognitive dissonance. If you understand that oil production is declining by 4 million barrels per day regardless of demand you inevitably come to the conclusion that there will be less oil available in the future and that prices will have to go up. Coming to terms with this means you can make changes now to minimize the impact on you and your family or you wait for $200 plus per barrel oil and then try and deal with it when the other 300 million sheep figure it out and gasoline is $10 per gallon.
John Polomny
The Real Deal
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