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Everything we touch is effected by energy prices,,...

Global oil supply challenges will drive gas to $1.50 litre: CIBC World Markets

    Prices to hit US$150 a barrel within the next five years

    TORONTO, Jan. 10 /CNW/ - CIBC (CM: TSX; NYSE) - Canadians should brace
for $1.50 gallon gas prices in the near future as global oil supply will
increasingly have trouble keeping pace with demand, forecasts a new energy
report from CIBC World Markets.
    The report predicts that surging demand in developing economies combined
with accelerated depletion of existing supply and widespread delays in getting
new oil fields up and running will see the global supply of oil fall as much
as eight million barrels a day below U.S. Department of Energy and
International Energy Agency estimates by 2012.

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