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Next spike in gas prices could be permanent, CIBC warns
TORONTO
A perfect storm of waning supplies coupled with a bad hurricane season could send gasoline prices higher again for good -- to perhaps as high as $1.75 per litre, says an economist with CIBC.
In past years when hurricanes have torn through the Gulf of Mexico, people braced for the inevitable price spike, expecting that in due course it`ll recover as battered oil rigs limp back on line.
That`s no longer a reasonable expectation, CIBC`s Jeff Rubin said yesterday in a report.
http://news.therecord.com/Business/article/407366
TORONTO
A perfect storm of waning supplies coupled with a bad hurricane season could send gasoline prices higher again for good -- to perhaps as high as $1.75 per litre, says an economist with CIBC.
In past years when hurricanes have torn through the Gulf of Mexico, people braced for the inevitable price spike, expecting that in due course it`ll recover as battered oil rigs limp back on line.
That`s no longer a reasonable expectation, CIBC`s Jeff Rubin said yesterday in a report.
http://news.therecord.com/Business/article/407366