Jim Rogers: Oil Has to Go Much Higher Over the Next Decade
by Jesse Wojdylo
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Jim Rogers has been a commodities bull for quite some time. In 1998, he created the Rogers International Commodity Index designed to fill the need for investing in commodities through an international vehicle. Even though commodities have dropped significantly over the last year Rogers remains bullish on the overall sector. Recently Crude Oil hit a year high at $79 a barrel. Many analysts have predicted that oil will not increase the way it did over much of this decade. Rogers disagrees and thinks investing in oil as well as all commodities will provide great returns.
On February 6th, 2009 Rogers made the following comment about oil, “Well, the price of oil has to go much higher over the course of the next decade, the IEA has come out with a definitive study that oil reserves are declining at a rate of 6% a year, well it doesn't take much genius to figure out that in a few years there will not be any oil, unless something happens, so the price of oil has to go much higher over the next decade or so. Whether it is going to go higher this year, I don't have a clue, but I do know that over the next few years it is going to go much, much higher.”
October 21, 2009
Jim Rogers has taught finance at Columbia University's business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website.
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