Innovative technology may push oil aside

Two experts, Jeff Rubin, a respected Canadian market analyst, and Gregory Dorsey, an American financial commentator, are predicting oil selling at $200 a barrel within the next three years.

In the past, both men have correctly predicted the more dramatic fluctuations of oil and natural gas prices.

Their rationale is that world peak production of oil was reached in December 2007. The supply of oil around the world is now dropping. However, demand for oil increased substantially, reaching $147 a barrel last July, before the collapse of global economies.

The impact of that event devastated the North American car manufacturing business. The Canadian federal and provincial governments and the U.S. government had to step in and use taxpayer dollars to keep General Motors and Chrysler solvent and operational. Ford refused government aid and appears to be ahead of its competitors with better cost controls and product.

Guelph Mercury