Head for the hills

U.S. economy collapsing under debt

I don’t know whether to laugh or cry. Or find a cave to hide in.

As the United States collapses under a mountain of debt worth trillions, another Wall Street investment bank struggles to stay afloat and global economies start to crumble — the Bay Street guru who warned oil would skyrocket to US$200 a barrel has suddenly changed his tune.


Jeff Rubin, CIBC World Markets chief economist, is no longer talking about $200 oil by 2010 and in his latest Canadian Portfolio Strategy Outlook Report scales back other predictions for crude. Instead of crude averaging $125 this year, followed by $150 next year, Rubin now says it will be at $115 this year and $130 next year.

To me that’s still overly optimistic. But peak oil advocates — who paint a Mad Max future where we kill our fellow man for a drop of precious black gold — would say I’m wrong.

Toronto Sun