Price of oil to double in five years, predicts CIBC

Oil prices will double over the coming five years to $100 US a barrel, boosting Alberta’s economy but weakening Ontario’s and Quebec’s and leaving most Canadian consumers feeling poorer, CIBC World Markets said Tuesday.

CIBC World Markets is the second major North American investment house in as many weeks to warn that oil prices are on their way up to $100 US a barrel or higher. U.S. investment firm Goldman Sachs said last week oil could hit $105 a barrel.

canada.com