Must read CIBC report: $7 per gallon gas by 2010

CIBC World Markets has just released a stunning yet detailed economic analysis of near-term oil prices and impacts. The PDF has some excellent figures I will convert to JPEGs.

“Over the next four years, we are likely to witness the greatest mass exodus of vehicles off America’s highways in history. By 2012, there should be some 10 million fewer vehicles on American roadways than there are today — a decline that dwarfs all previous adjustments including those during the two OPEC oil shocks.”

Grist