The National Energy Board is predicting oil prices will rise within the next four years.
Chairman Peter Watson says their oil price forecast is pretty similar to what both the International Energy Agency and the US Energy Information Administration is forecasting.
Watson says oil prices are expected to rise to $80 a barrel by 2020, and then rise to $105 a barrel by 2040.
He says the NEB also has oil price projections for a “low case scenerio”, which expects oil prices to rise by $55 a barrel by 2020 and $80 a barrel by 2040.
By 2040, Canadian oil production is forecasting an increase of over 50 percent.
