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The worst-case scenario regarding the price oil just became, well, a little worse.

On Thursday CIBC World Markets Chief Economist Jeff Rubin said oil production will barely grow over the next five years, and that shortfall, combined with solid emerging market demand, will drive oil to $150 per barrel by 2010 and $200 per barrel by 2012, and The Financial Post reported Thursday.

Just as bad, and despite easing gasoline demand in the United States, U.S. gasoline prices will climb to as much as $7 per gallon by 2012, Rubin said, and The Financial Post reported.

Continue reading CIBC's Rubin says oil to hit $200, gasoline $7 by 2012

CIBC's Rubin says oil to hit $200, gasoline $7 by 2012 originally appeared on BloggingStocks on Thu, 24 Apr 2008 17:58:00 EST. Please see our terms for use of feeds.

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