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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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