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Written by THE CANADIAN PRESS
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Monday, 01 September 2008 |
DHL Delivery Service truck driver Chad Adkins gases up his truck while making deliveries. THE ASSOCIATED PRESS/Seth Perlman
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TORONTO - How high could the price of gasoline go?
CIBC World Markets says gasoline at $1.75 per litre is a possibility if the Gulf of Mexico is hit this year by storms on a par with hurricanes Katrina and Rita in 2005.
CIBC economist Jeff Rubin says in a commentary that U.S. oil and gasoline inventories are both much lower than they were three years ago when hurricanes disrupted energy supplies from the Gulf region.
He acknowledges storms would disrupt energy supplies and push up prices only temporarily.
But the economist notes there has already been a big decline in output from the Gulf region and by 2013 production levels could be one-third less than before the hurricanes hit in 2005.
Rubin's report is being issued as hurricane watchers track Gustav, a tropical storm with potential to grow to hurricane status as it heads towards the U.S. gulf states.
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Last Updated ( Monday, 01 September 2008 )
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