Imagine seeing this prediction on your television screen: "Oil will hit $150 or $200 during this commodity bull market."
Makes you want to stockpile oil while it is priced at $98 a barrel, but such was the case on CNBC today.
Credit Billionaire Jim Rogers, described as a commodities guru and a founding partner with the infamous George Soros of the Quantum Fund in 1970. He told Maria Bartiromo on the November 20 "Closing Bell" on CNBC he see's no slowdown in the rising price of oil, regardless of what OPEC does.
"OPEC had a big meeting this week," Rogers said. "If they had a lot more oil to produce, they would be producing it. They don't have it."
Rogers insisted OPEC's inability to meet the demand for oil - not political instability (i.e. U.S. foreign policy) constantly trumpeted in the media.
"[T]hey're smart enough to know that ultimately is long-term - and they've got to be in for the long-term - is going to bring out alternative sources of energy and if they don't do something the economy is in the tank and it'll bring out a lot of windmills and a lot of solar power," Rogers said. "They're at least that smart. The problem is they don't have the oil."
Rogers has also been critical of the U.S. dollar in recent days. He told Bloomberg on November 14 to get rid of them.
"If you have dollars, I urge you to get out," Rogers said in an interview from Singapore. "That's not a currency to own."
Editor at Large
Comments Policy
Drill Often!....Drill
November 20, 2007 - 17:44 ET by bigtimerDrill Often!....Drill Everywhere!
In Our Own Country...if the leftists and some RINO's hadn't stopped us for over 30 years we would be self-dependent right now....
I have wished Pres. Bush would of ordered this started by EO years ago now...especially during a time of war.
Iran knows if we go to war with them or strike them we are going to pay at the pumps...big-time.
Drill in Hollywood. Drill
November 20, 2007 - 17:54 ET by sunandsteelDrill in Hollywood. Drill in Marthas Vineyard. Drill in Berkely, San Fran, Austin, and everywhere else hippies like to dirty up the scenery. Screw the caribou, drill ANWR. Or, better yet, grind up hippies and use them for fuel.
What doesn’t kill you, only makes you pissed off. -Children of Bodom
Here is an interesting
November 20, 2007 - 17:50 ET by Sick-n-TiredHere is an interesting article (from CNN no less) that explores the idea that the economy is much different today than say 20 or 30 years ago and that high oil prices don't neccessarily mean doom and gloom for the economy.
http://money.cnn.com/2007/10/30/commentary/colvin_oil.fortune/index.htm?cnn=yes
Sorry, can't abide to
November 20, 2007 - 23:19 ET by bretzysdudeSorry, can't abide to that. Otherwise, my middle-class salary would grow just as much, or at least close to it.
ANWR ANWR ANWR ANWR The
November 20, 2007 - 23:27 ET by wiwfANWR
ANWR
ANWR
ANWR
The Rocky Mountain Collegian: Illustrating Idiocy
From Wikipedia: Because
November 20, 2007 - 23:49 ET by bretzysdudeFrom Wikipedia:
Because the Arctic National Wildlife Refuge is known to contain a large supply of crude oil, the issue of drilling for oil in roughly 2000 of the 19,600,000 acre area has been a debated topic since World War II. The controversy has been a political football for every U.S. President since Jimmy Carter.
Let's see: 2000/19600000?
So far below 1%, it's ridiculous!?!?!?
This has been controversial?!?!?
One drunk Exxon ship's
November 21, 2007 - 09:14 ET by MightyMouthOne drunk Exxon ship's captian ruined sensible drilling for decades.
"There are two types of people in this country; those who provide freedom and those who enjoy it." MM says...
price of oil
November 21, 2007 - 01:35 ET by Dr. RonSince when did CNBC have an expert on anything?