The deputy chief economist of CIBC World Markets Inc. believes Sarnia needs to shift its economic engine away from fossil fuels.
Benjamin Tal addressed a large crowd at the Rotary Club of Sarnia's luncheon Monday afternoon.
Tal, who's responsible for analyzing economic developments and their implications for North American markets, spoke on a variety of issues including gas prices, the low Canadian dollar, investments, manufacturing and the global market.
He believes the economy is shifting towards alternative energy, which is helping keep oil prices low and attractive to investors.
"Sarnia is actually clearly an issue when it comes to oil prices, but even in Sarnia you will see the benefits actually outweighing the negatives I believe so. I think that if you look at what's happening in manufacturing and the service-oriented segment of the economy, that probably will improve and I think that the low dollar will help you."
Tal feels the global economy that is emerging today is very different than before the recession.
Moving forward, he advises people to invest in bonds, including gold, and stick to high quality dividend-paying stocks until the market clears, hopefully in 2017 or 2018.
