NEW YORK, September 27 /PRNewswire/ --

- Global Supply Gap, Surging Prices Will Shift Attention to Oil Deposits
North Of Border

CIBC (CM: TSX; NYSE) - Six of the largest oil suppliers to the U.S. are
poised to significantly cut exports by 2012, ramping up pressure on supply
and price, and intensifying the focus on one of the last great deposits open
to private investment: Canada's oil sands.

The forecasted cuts by Mexico, Saudi Arabia, Venezuela, Nigeria, Algeria
and Russia are the subject of a keynote address that Jeff Rubin, chief market
strategist and chief economist at CIBC World Markets will deliver at the
firm's Industrial Conference Oct. 2 in New York City. In his remarks, Mr.
Rubin will share his latest research on the global oil supply/demand balance,
with specific focus on the size and scope of the oil supply crunch facing the
U.S. over the next five years.

Mr. Rubin's calls on oil prices, currency valuations and carbon taxes
have garnered international headlines and have been instrumental in bringing
key economic issues to the spotlight. Earlier this year, he predicted that
oil prices would reach US$80 and that the U.S. and Canadian dollars would
reach parity in 2007. He has also renewed a call made in 2005 that oil would
reach US$100 a barrel by the end of next year.

In recent reports and at a major oil and gas conference in Ireland this
month, Mr. Rubin explained that surging domestic demand is eating into the
export capacity of the world's leading oil-producing nations. With production
likely to plateau or decline in these countries, he expects global oil
exports to fall by seven per cent, or 2.5 million barrels a day by 2010. Mr.
Rubin's keynote address Oct. 2 will explore the U.S. ramifications as its
major oil suppliers (excluding Canada) will soon be unable able to meet
current demand.

Mr. Rubin says diminished supplies and higher prices will lead the
markets to rely more on higher cost unconventional deposits, like the
Canadian oil sands which he believes will surpass deep water wells as the
single largest source of new oil exports by decade end.

Media Attendance

Attendance at the conference is by invitation only. Media wishing to
attend are required to register in advance by calling Tom Wallis at
+1-416-980-4048.

About the 2nd Annual CIBC World Markets Industrials Conference

An impressive gathering of leaders from more than 50 public and private
companies are also scheduled speak at the investor conference. Attending
firms span a range of industrial sectors, namely: aerospace, defense,
industrial services, chemicals, building products, steel, industrial
multi-industry and industrial diversified.

For more information including a listing of participating companies, go
to: http://conferences.cibcwm.com/Industrials07/. An audio web cast of the
conference will be available online (enter code: industrials2007). The list
of companies presenting is subject to change. The Industrials Conference is
organized by CIBC World Markets Institutional Equities.

CIBC World Markets is the wholesale and corporate banking arm of CIBC,
providing a range integrated credit and capital markets products, investment
banking, and merchant banking to clients in key financial markets in North
America and around the world. We provide innovative capital solutions and
advisory expertise across a wide range of industries as well as top-ranked
research for our corporate, government and institutional clients.