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9:31	CBCYOURVOICE_AmilN - Welcome to the discussion. Jeff Rubin is a former CIBC chief economist .His latest book Why Your World is About to Get a Whole Lot Smaller: Oil and the End of Globalization tackles the link between the latest recession and peak oil. Thanks for joining us Jeff.

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9:31

9:31	CBCYOURVOICE_AmilN - Jeff, can you explain the premise behind the book?

9:33	Jeff Rubin - th e basis premise of the book is that triple digit oil prices will reverse globalization (distance costs money) and lead to the remergecne of lcoal economies where we make our own steel and grow our own food

9:34	Hi Jeff. Could you tell us why you think the price of oil will skyrocket? What are the signs that this is going to happen?

9:38

Jeff Rubin - today's price is as good an argument as you can get. its a little over $60 per barrel. That's in the deepest post war recession on record, not only in Cananda but inth e US and the rest of the world. Turn the clock back four of five years ago and today's "depressecd" price for oil would have been an all time high. Today its where oil trades when global oil demand is falling.

Where do you think oil will be trading when the recession is over?

9:38

CBCYOURVOICE_AmilN - Here's a question from a reader. Gary Charbonneau asks:

There are some folks (e.g., Robert Hefner, author of "The GET, Grand Energy Transition") who believe that, while peak oil is near or possibly even behind us already, natural gas is abundant because new drilling techniques are opening up unconventional sources, particularly shale gas. As a result, they say, natural gas is a suitable bridge fuel to a renewable energy economy. My questions: (1) What's your take on the "natural gas is abundant" theory? If I recall correctly, in your book (which I have not yet finished) you're taking the position that gas production in North America has peaked. (2) What would a "renewable energy economy" look like? Would it be one that would allow for continued economic growth, or is that going to be out of the question?

9:41

Jeff Rubin - depends where you are talking. dont forget gas trades regionally whereas oil trades glboally. In Asia and Europe gas is three times as muich as it is in North America. I donlt know where oil and natural g as prcie spreads are going in North America but I do kniow that a ttodays trans atlantic and trans pacific spreads we should be thinking of exporting LNG instad of thinking about importing it.

9:41	[Comment From Marcel in Gatineau] Hi Jeff, with the recent decoupling of Natural Gas and Oil prices, do you see any chance of these two commodities re-correlating in the near to medium term? In other words, where do you see long term gas prices.

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