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BRACE YOURSELF: AN ANALYST PREDICTS GAS PRICES WILL BE UP TO 5 TIMES HIGHER NOT TOO LONG FROM NOW By DAVID YOUNG - Saint John Times Globe, Sept.28/99 The days of cheap oil are fast coming to an end says a Toronto consultant who predicts we could see prices 5 times higher than today's levels. Richard Gilbert of the Toronto-based Centre for Sustainable Transportation says that new, more accurate data on crude oil production show that the world demand for oil will outstrip the supply and send prices skyrocketing sometime in the next 5 to 15 years. " There will be a large and rapidly growing difference between supply and demand," said Mr. Gilbert, who has acted as an advisor to the Paris-based Organization on Economic Co-operation and Development. He was speaking to about 200 delegates at the opening session of the Transportation Assoc. of Canada's annual meeting here yesterday. Mr. Gilbert's dire predictions are based on estimates from the International Energy Agency, which concludes that since the discovery of new oil reserves has been dropping since the early 1960's, the production of cheap crude will begin to drop sometime between 2003 and 2013. After that "the probability of supply disruptions and price shocks will rise," the agency warned in a recent report on world energy outlooks. While Mr. Gilbert said few are willing to stake their reputations on predicting the future cost, many experts believe that crude prices could increase by 500 to 1000 % of the current price. Already the price of crude oil has increased by 120% this year alone. -*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*- The preceding message was posted on the Sustainable Maritimes mailing list (sust-mar). http://www.chebucto.ns.ca/lists/sust-mar -*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-
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