Samenvatting
This paper was presented at the `Opening plenary session : strategic investments for sustainable transportation in the new millennium'. Discoveries of conventional oil peaked world-wide in 1962. The rate of oil production is now four times therate of discovery. Soon production of conventional oil will begin a long decline. High demand will continue. Prices will rise, perhaps steeply. The age of cheap oil is end. Canada will benefit from the resulting increased oil revenues and reduced tranpsort activity. The expected massive fuel price increases may not be enough to ensure attainment of Canada's Kyoto commitment. (A)