Monday, May 9, 2011

Oil will go over $200 eventually

Jim Rogers shares his views on oil with CNN : “… the current situation is certainly causing oil to go higher and oil will go over a $150 and it will go over $200 eventually. The problem is the world is running out of known supplies of oil – period. The IEA is going around pleading with people to listen that the world’s known reserves of oil are declining at rates of 4–6% a year. Figure it out – that’s simple arithmetic; we’re running out of known reserves of oil.”