March 16, 2022 by Speakers' Spotlight
Economist Jeff Rubin Explains Why Pump Prices Will Continue to Rise
The former chief economist at CIBC World Markets, Jeff Rubin joined Financial Post to discuss why we’re seeing such high oil prices right now, and the impact these rising prices will have on the global economy.
Triple digit oil prices, Jeff says, will lead to a global recession. We’re reaching this critical point because Russia is the third largest oil producer in the world and the second largest exporter. Several countries, including Canada and the US, have banned Russian exports in response to Russia’s devastating attack on the Ukraine. This material supply shock, as well as potential for scarcity of resources, Jeff says, are the reasons behind today’s high oil prices.
“If all of a sudden you shut out seven million barrels of Russian oil from world oil markets, you’re asking for triple digit, if not record oil prices,” Jeff said.
While Canada has certainly felt the price shock, it will not experience scarcity on the same level as it has not imported Russian oil for over two years, Jeff continued, but the US will. The two countries that can increase production in their petroleum industries are Canada and the US, he said, and these soaring energy costs could mean a reverse in the Keystone XL pipeline decision.
Jeff makes further predictions on gas prices and a potential global recession in the video below:
Jeff Rubin was one of the first economists to predict triple digit oil prices back in 2005. He is one of the world’s leading energy experts whose many predictions on the economy have earned him ten number one citations from Brendan Wood International, making him the top-ranked economist in Canadian financial markets.
Interested in learning more about Jeff and what insight he can share with your audiences as a keynote speaker? Email us at [email protected].