$3.25 per litre for Gas?

Date: Sun, 03 Oct 1999 09:46:20 -0700
From: John/Karen Pearce <jk.pearce@ns.sympatico.ca>
Organization: LLLC/T2000ATL
To: sust-mar@chebucto.ns.ca
Precedence: bulk
Return-Path: <sust-mar-mml-owner@chebucto.ns.ca>

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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.


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