Segments in this Video

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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Jeff Rubin: The Soaring Cost of Oil

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This episode of The Green Interview features Jeff Rubin, former chief strategist and chief economist at CIBC World Markets, a division of one of Canada's largest banks. Rubin has always been highly quotable, and frequently controversial, and he was one of the first analysts to predict, back in 2000, that the price of oil would go to $50 a barrel within five years. Oil men and economists thought he was crazy and in 2005 when it had gone to $50 a barrel, he predicted that it would double again within two years to $100. Within two years, it almost tripled. Rubin has sometimes been called a maverick economist, and he's the author of a recent book entitled, Why Your World Is About to Get a Whole Lot Smaller. In it he writes that without affordable oil, the world will be forced to deglobalize and rediscover local, autonomous economies. His name has since persisted in headlines, and he is known as a dynamic and engaging speaker, always controversial and fresh-minded. Rubin believes the new world will be more local and less global, with a reinvigoration of local cultures and customs. As a prophet, he has a pretty good track record.

Length: 60 minutes

Item#: BVL163280

ISBN: 978-1-64481-646-2

Copyright date: ©2009

Closed Captioned

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Only available in USA.