Oil will hit $100 US a barrel by 2010, CIBC World Markets predicts

TORONTO (CP) – Growing demand from the developing world and the United States will cause crude oil prices to almost double to $100 US a barrel by 2010, economists at CIBC World Markets suggest.

The report by Jeff Rubin and Peter Buchanan suggests that supply growth will lag consumption, pushing the price ever higher this decade. “While demand forecasts are ratcheting up, those of supply growth are moving in the other direction,” the study released Tuesday said.
CBC News