Growing number of forecasts predict oil will reach $100 US this fall | CBC News: A growing number of forecasts are calling for the return of $100 US oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.

North American benchmark crude West Texas Intermediate (WTI) has surged 30 per cent since June 1 and is hovering this week around $90 US per barrel, its highest point since November of last year. Global benchmark Brent crude was trading higher than $93 US on Wednesday.

In recent days, a number of analysts have revised their forecasts with the view that triple-digit oil prices may now be in the cards for this fall. Bank of America, Citigroup and Goldman Sachs are now all predicting $100 US Brent crude prices before 2024, as is Chevron CEO Mike Wirth, according to a Bloomberg report.

“We’re chewing on this right now,” said Andrew Botterill of Deloitte Canada in an interview Wednesday in Calgary, where hundreds of oil and gas executives from around the globe are gathered this week for the 24th World Petroleum Congress.

Botterill said he’s currently working on Deloitte’s upcoming oil price forecast report and considering whether to revise his own earlier projections higher.

“I can absolutely see it ($100 oil) … I absolutely think we will have moments,” Botterill said.

“I can list a lot more reasons why oil will move up right now than down.”

BREAKING: Thorold Council Unanimously Rejects New Gas Peaker Plant: City council in Thorold, Ontario voted unanimously Tuesday night to reject a proposed 198-megawatt gas power plant to supply peak power to the provincial grid, Thorold Today reports.

“A recorded vote took place that saw councillors unanimously vote against signing a letter of endorsement for the project,” the local paper writes. “When it was over, people in the audience erupted in loud applause.”

Toronto-based Northland Power had proposed the plant as part of the province’s deeply controversial effort to add 1,500 MW of gas-fired generation to the grid. A directive from Energy Minister Todd Smith to the province’s Independent Electricity System Operator (IESO) had required municipal letters of endorsement for any new local projects, but not for expansions of existing gas plants. But the Thorold project, as a new installation, had to demonstrate local support.

That effort failed spectacularly last night. On Monday, local organizer Mark Freeman told The Energy Mix he could count four or five elected officials who were leaning against the project. Less than 48 hours later, all eight locally elected officials voted against it.