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In the wake of the 2008 financial crisis that brought economies in the developed world to their knees, emerging markets became a bright spot, as they remained mostly unscathed. And according to Rick Rule, Founder of Global Resource Investments Ltd., emerging markets, particularly in Asia, will help spur an energy boom that will directly benefit Canada.
“Canada is looked at as a reliable supplier of energy…which will mean in equity markets that Canadian energy supplies will demand a higher multiple on the same metrics as supplies from other parts of the world,” he says.
As for how high prices for oil can go, Rule says the recent run-up in energy prices is the new normal.
“Oil prices will not only be higher but in fact sharply higher five years from now than they are today,” he says. “I wouldn’t be surprised by $175 dollar oil.”