We’re powerless to do anything, Obama’s never going to allow America to tap its natural reserves.
Oil has been steadily on the rise since the beginning of 2009. But could it reach mid-2008 levels or climb higher still?
Jim Rogers, an American investor who co-founded the Quantum Fund with George Soros, told the BBC’s Justin Rowlatt on Wednesday the prices are certain to exceed those levels.
“Well, the surprise is going to be how high the price of oil stays and how high it goes, because Justin [Rowlatt] we have had no major elephant [field] oil discoveries in over 40 years,” Rogers said. “The International Energy Agency is going around the world pleading with people to listen. Known reserves of oil are declining. It is not good news. Unless somebody discovers a lot of oil very quickly, prices are going to go much higher over the next decade.”
How high will it go? Oil is currently trading at about $90 a barrel, and according to Rogers the price could double and then some.
“Justin, the price of oil is going to make new highs,” Rogers said. “It will go over $150 a barrel. It will probably go over $200 a barrel.”