CIBC sees oil averaging $61 US a barrel in 2006

CBC News reports that CIBC World Markets sees oil averaging $61 US a barrel in 2006. Main quote: “…The expected rise in oil prices to $61 per barrel next year will likely be a prelude to an even tighter supply picture emerging over the balance of the decade,” Jeff Rubin, CIBC World Markets’ chief economist, said….” It sounds like he’s saying peak oil is just around the corner…