Gas $7 Per Gallon in Four Years

Time to buy a bike: Gasoline prices in North America will soar over the next four years to $7.00, causing a massive jolt to the continent's manufacturing base not seen since the oil shocks of the 1970s, a leading economist is warning. Jeff Rubin of CIBC World Markets was laughed at three years ago when he predicted $ 100 per barrel oil, and now thinks it will climb to $225 in four years. (Houston Chronicle quotes him as saying gas will cost $10 per gallon) From the National Post:

"Stripping out natural gas liquids, oil production has not grown for over two years, which certainly goes a long way to explaining why oil prices have doubled over that period," Rubin said. "It is increasingly...