Jim Rogers: Oil Bull Market Has Years to Go

In the last four months, oil has dropped by $90 a barrel. I think it’s time to remind folks what the experts were telling us. Let’s start with billionaire Jim Rogers:

Jim Rogers: Oil Bull Market Has Years to Go
The bull market for oil has many years to go before it peters out, says billionaire Jim Rogers, chairman of Rogers Holdings.
There are several factors for this view, but the primary one is that “known sources of petroleum are dwindling,” Rogers told Bloomberg in an interview.
Global oil supplies could fall far short of need and expectations in the next 20 years, reported the International Energy Agency in mid-May. The agency long expected supply to rise to meet demand of 116 million barrels a day by 2030.
It now expects oil output to struggle to reach 100 million barrels in that time frame.
These market conditions will make life difficult for airlines — and airline stocks — well past 2010 and will also impact Federal Reserve policy in the coming months, Rogers said.
Rogers has proved astoundingly prescient since suggesting that investors buy into the older, industrial economy back in 1999 when gold and oil were coming off 25-year lows and when the Internet stock market was soaring.

Posted by on November 12th, 2008 at 2:24 pm


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