Now I happened to stumble onto this video the other day and I thought it was a very comprehensive and detailed discussion on the future of oil. The general misconception about oil is that people think we are running out of it. In actuality, that is not the case. What has happened is that we are now in the final stages of “cheap oil” production. There are vast amounts of oil which can be mined for decades to come but the real problem is that it will cost way more money to get access to that supply. Change is what we’ll see as a dramatic increase in oil prices continue to hike energy costs.
I highly recommend everyone watch this video. It’s approximately 45 minutes long but well worth your time. This is a great speech done by Jeff Rubin.
Jeff Rubin, the former Chief Economist of CIBC World Markets and the author of Why Your World Is About To Get A Whole Lot Smaller built his reputation as one of Canada’s top economists based on a number of successful predictions including the housing bust of the early 90s and the rise of oil prices. In his recent book, Mr. Rubin predicts $225 per barrel oil by 2012 and with it the end of globalization, a movement towards local sourcing and a need for massive scaling up of energy efficiency.
– World Wide Fund For Nature (WWF)
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