Posted AT 11:11 AM EST on 29/08/08
Oil will stay high as hurricanes recur: Rubin
OTTAWA — The increasing frequency of powerful hurricanes in the Gulf of Mexico will permanently reduce U.S. oil production and drive up crude prices, CIBC World Markets economist Jeff Rubin said.
In a report released Friday, Mr. Rubin said gasoline prices in the Canada could spike to $1.75 per litre -- up from this week's average of $1.28 -- if tropical storm Gustav causes a major shutdown of Gulf coast production and refining operations.
The full text of this article has 514 words.
To continue reading this article, you will need to purchase this article.
Already have a member account? Login now
Pay-Per-View Offers To read the complete article, select one of the following options
Purchasing from globeandmail.com is quick and secure.
