Douggie
1367 Posts |
 Posted - 06/27/2008 : 04:50:55 AM
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Gasoline prices are becoming so high that one of Canada's top banks is predicting a "mass exodus" of vehicles from U.S. highways within four years, with a slightly less dramatic drop expected in Canada.
CIBC World Markets said in a report Thursday that gas prices in the U.S. will hit US$7 a gallon - the equivalent of C$1.86 a litre - two summers from now. That marks a 70 per cent increase over today's record levels.
As a result, there will be about 10 million fewer vehicles on U.S. roads by 2012 and average kilometres driven will drop 15 per cent, the report said.
"Over the next four years we are likely to witness the greatest mass exodus of vehicles off America's highways in history," chief economist Jeff Rubin wrote.
Time to crack out that dust covered bicycle?
http://ca.news.yahoo.com/s/capress/080626/national/gasoline_prices_1 |
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