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Globalization is about to give way to localization, says Jeff Rubin, author of Why Your World Is About to Get Smaller: Oil and the End of Globalization. Crude prices will reach such a height, he predicts, that our overseas connections will dwindle and long-distance driving will become a luxury.
How’s that possible? Because we’re running out of oil and natural gas, Rubin says. So even when the economy rebounds, the former chief economist at CIBC World Markets expects those commodity’s prices to continue to rise. In effect, we’ll face permanently expensive fuel costs.
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Cramer couldn’t disagree more, though. He’s bullish on natural gas and the quadrillions of feet of reserves that have yet to be tapped here in the States. And, unlike Rubin, the Mad Money host sees enormous potential in nat-gas-fueled vehicles to fight both climate change and our dependence on foreign oil.
But Cramer wanted to know if his thesis was missing something. That’s why he invited Rubin to swing by for a gentlemanly debate. Watch the video for the full interview.
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