Triple Digit Oil and Economic Change: Jeff Rubin, the former Chief Economist of CIBC World Markets

It is not that we will be running out of oil. Rather, we will be running out of cheap oil, light sweet Arabian crude, to be replaced eventually by synthetic oil rendered from tar sands and shale. The implication is $200 per barrel oil and $7.00 per gallon gasoline. The oil shock may hit the economy within 12 to 15 months according to Jeff Rubin.