INTERNATIONAL. Investor Jim Rogers is bullish on oil as crude prices collapsed to four-year lows and the world is running out of known oil reserves.
Rogers said he is the world's worst market timer and a horrible short-term trader, but a sharp sell-off in oil prices suggested a bottom.
Rogers, who remains bullish on commodities, estimated known world oil reserves at today's consumption rate are about 16 years, which indicates crude prices will again trend higher.
"Oil Reserves are dropping 7% a year and these drop in reserves will cause serious supply problems in the near future."
"We're going to see US$200 oil at some point, it may be by 2013. It's a sad fact but the world is running out of known oil. Oil will make a big comeback," he said"
More at Business Intelligence Mideast here.
1 comment:
Great post! Personally I think it will be before then, we are in for a hell of a ride in the years ahead. Having said that, I see many positives coming in the changes we will have to make by necessity.
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