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."
