Rising Oil Prices (06:04)
Silver Donald Cameron introduces Canadian author and economist Jeff Rubin. Rubin believes triple-digital oil prices will reserve globalization because benefits of cheap labor will diminish. The amount of cheap oil around the world has decreased and the remaining is expensive to extract.
Demand for Oil (04:42)
Many of the countries that are dependent on exporting oil also have high internal demands for oil. Modernization in countries like Saudi Arabia and China has created a larger demand for oil. Rubin uses Ski Dubai, an indoor ski resort in the desert, as an example.
Energy for Energy (03:14)
A huge amount of energy is burned to extract oil from unconventional places, such as the ocean floor. The process only makes financial sense when natural gas is about a third of the price of oil.
Oil and the Economy (04:36)
Rubin outlines how oil prices were responsible for economic recessions in Europe to contributed to the global recession. He believes oil prices will reach more than $100 a barrel and carbon taxes will make the problem worse.
Carbon Taxes (07:00)
Most people in North America are currently opposed to a carbon tax. Rubin believes that will change when people realize it will create more domestic jobs.
Carbon Tariffs (08:53)
Rubin explains how putting a tax on carbon emissions will help drive competition in the steel industry. Coal is the cheapest way of generating power and the most common fuel used in China’s energy production. A carbon tax would make using coal less profitable.
Alternative Energy Sources (05:17)
Rubin does not believe rising oil prices will help the development of alternative energy sources. Society is too dependent on oil for an alternative to replace it anytime soon.
Oil and Recessions (05:29)
Rubin believes the cost of oil was responsible for most recent economic recessions. Rubin defends his position which many other economists disagree with. He explains the role inflation played in the recession.
Power of Prices (03:47)
Rubin believes people will be guided by prices without a conscious choice to protect the environment. High gas prices will force people to drive less of buy more energy efficient vehicles.
Electric Vehicles (09:48)
Rubin does not believe electric cars will solve the energy crisis; they will only cause a new problem. He believes rising gas prices will encourage fewer people to relay on cars for transportation.
Credits: Jeff Rubin: The Soaring Cost of Oil (00:16)
Credits: Jeff Rubin: The Soaring Cost of Oil
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