Mr. Rubin's calls on oil prices, currency valuations and carbon taxes have garnered international headlines and have been instrumental in bringing key economic issues to the spotlight. Earlier this year, he predicted that oil prices would reach US$80 and that the U.S. and Canadian dollars would reach parity in 2007. He has also renewed a call made in 2005 that oil would reach US$100 a barrel by the end of next year.
In recent reports and at a major oil and gas conference in Ireland this month, Mr. Rubin explained that surging domestic demand is eating into the export capacity of the world's leading oil-producing nations. With production likely to plateau or decline in these countries, he expects global oil exports to fall by seven per cent, or 2.5 million barrels a day by 2010. Mr. Rubin's keynote address Oct. 2 will explore the U.S. ramifications as its major oil suppliers (excluding Canada) will soon be unable able to meet current demand.
Mr. Rubin says diminished supplies and higher prices will lead the markets to rely more on higher cost unconventional deposits, like the Canadian oil sands which he believes will surpass deep water wells as the single largest source of new oil exports by decade end.