The thesis arguing that oil is headed toward $100 per barrel, soon, and is likely to remain above that level for years to come received another data point of support from an economist with a major investment bank.
Jeff Rubin, chief economist with CIBC World Markets, said $100 per barrel oil could become normal as early as 2008. Speaking at CIBC's 2nd Annual Industrials Conference, Rubin said declining supplies and rising consumption are driving oil's price higher. In addition, oil consumption is growing faster in OPEC countries themselves, who will start using more of their resources for domestic consumption.
Rubin's analysis is compelling and illuminating for two reasons.
Before the bell: Futures sharply lower on Dubai's debt problems
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
