Jeff Rubin, chief economist at Canadian investment bank CIBC World Markets, said he believes oil prices of at least $100 a barrel will become the norm as early as next year, as supplies dwindle and consumption in the developing world escalates, reported Market Watch. Speaking at an industry conference, Rubin said high oil prices, which may surge up to US$140 a barrel, will spur technological innovations, as well as growth in nuclear power and biofuels.

Via AMEInfo.

Advertisements