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Post by stayput on Jan 21, 2011 22:55:46 GMT -5
Friday, 21 Jan 2011 09:59 AM Article Font Size
By Forrest Jones
Oil prices could hit a record $200 a barrel on rising demand and dwindling supplies, says investor guru Jim Rogers, who predicted the start of the global commodities rally in 1999.
"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," Rogers tells the BBC.
"The price of oil is going to make new highs. It will go over $150 a barrel. It will probably go over $200 a barrel."
Benchmark oil for March delivery lost $2.22 to settle at $89.59 a barrel Thursday on the New York Mercantile Exchange. Thursday in London, Brent crude declined $1.58 to settle at $96.58 a barrel on the ICE futures exchange. Oil hit a record peak of $145 in July 2008.
While the world demands more and more oil, the problem lies in either discovering more or drilling in places where fresh fields may be waiting.
Discoveries off Brazil are promising but won't meet global demand while oil in the Arctic will be very hard to extract, Rogers says.
"Maybe there is a lot of oil in the world, but if there is, we don't know where it is or how to get to it," he says.
Rogers isn’t the only one to warn of surging oil prices.
Joe Petrowski, chief executive of Gulf Oil and the Cumberland Gulf Group, recently told CNBC that crude oil’s price could soar to nearly $150 a barrel by summer.
"If we’re not producing it domestically, because we’re trying to achieve administratively what we don’t seem to want to pass legislatively, and our imports are going down and demand’s up, it sets the stages," he told CNBC.
“I think we'll be at $100 in the first quarter," he added, "and there’s one-in-four chance we’ll take out the $147 highs before Memorial Day.”
Economist Marc Faber has said energy-sector commodities like natural gas and oil are going to rise in price, and will sweeten as investment opportunities even further as the global economy improves.
Emerging-market countries like China and India will continue to demand more commodities to feed their growing economies.
Should the world slip into another slew of recessions, geo-political tensions would arise resulting in oil-supply cuts, says Faber, publisher of The Gloom, Boom and Doom report.
Either way, prices rise.
"The demand for oil will go up and drive up prices," says Faber, according to CNBC.
Should prices reach $100, analysts say, it will be a lot tougher on consumers than when prices reached similar levels in 2008 and gasoline prices broke $4 a gallon.
"The economy wasn't what it is today. People didn't have as much trouble filling their huge SUV trucks," Daniel O'Connell, vice president of energy products at the brokerage firm MF Global, tells ABC News.
"If you see crude spike over $100, it will be very destructive for any recovery that we may be having."
Read more: Jim Rogers: Oil 'Will Probably' Soar to Record $200 a Barrel
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Tennesseer
Member Emeritus
Joined: Dec 20, 2010 21:58:42 GMT -5
Posts: 63,604 
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Post by Tennesseer on Jan 21, 2011 22:59:56 GMT -5
Finally-cheap gas prices. About time.
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Tennesseer
Member Emeritus
Joined: Dec 20, 2010 21:58:42 GMT -5
Posts: 63,604
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Post by Tennesseer on Jan 21, 2011 23:12:33 GMT -5
Oh. I liked your original title. Alas...one can only hope.
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Post by lakhota on Jan 21, 2011 23:34:36 GMT -5
Who cares?
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Post by sanityjones on Jan 21, 2011 23:39:16 GMT -5
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Post by stayput on Jan 21, 2011 23:44:20 GMT -5
I think that the average American, already suffering under all that Obama, Pelosi, Reid, and the whole DNC has printed and spent over the past two years, will care a great deal as it will affect every part of their household expenditures. |
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Post by traelin0 on Jan 21, 2011 23:45:44 GMT -5
The American voter has been stuck on stupid for decades regarding everything from energy to money. Who can they blame?
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Post by stayput on Jan 21, 2011 23:47:56 GMT -5
The American voter has been stuck on stupid for decades regarding everything from energy to money. Who can they blame? traelin0, "stuck on stupid" is a Stay Put original, and can only be used if the author is credited. Thank you for your cooperation.  |
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Post by BeenThere...DoneThat... on Jan 21, 2011 23:53:30 GMT -5
<<< Who can they blame? >>> ...themselves? via the DOE?  |
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burnsattornincan
Well-Known Member
Joined: Dec 25, 2010 23:05:21 GMT -5
Posts: 1,398
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Post by burnsattornincan on Jan 21, 2011 23:54:28 GMT -5
traelin0, "stuck on stupid" is a Stay Put original
This is actually the case and has brought me great amusement over the last couple of months. I haven't had the opportunity to use it yet but when I do I'll be sure to give credit to the great Mr. Stay Put, internet message board heavyweight.
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Post by stayput on Jan 22, 2011 0:09:06 GMT -5
Mr. burnsattorincan I would be remiss were I not to point out that your attention to every conceivable detail has not gone unnoticed and is greatly appreciated by all participants on this and other boards. Again, "Stuck on stupid and can't change gears" was a statement that I made after careful observations of the countless absurdities made by my Liberal counterparts.
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Post by traelin0 on Jan 22, 2011 1:23:42 GMT -5
<<< Who can they blame? >>>
...themselves? via the DOE? Americans have voted for what they wanted -- no change, via votes for either party -- for decades. They are 100% to blame. |
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Post by stayput on Jan 22, 2011 2:13:53 GMT -5
traelin0, the only thing that will save us will be communities coming together in faith. Many will ridicule this, but it is being proven in Wilmington, Ohio even as we sit at our computers wondering what will happen next.
About 26 years ago, I started asking a question of all clergy that I met. From the epluribusunum Catholic priests, to the yaka laka laka (that's supposedly tongues) baptists, my question was the same. "If you were accused of being a Christian, would there be enough evidence to convict you?" Without exception/hesitation, not one to date, has ever answered with an absolute and resounding YES. Not one.
We need to stop looking for leaders, and start being leaders.
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Post by traelin0 on Jan 22, 2011 2:22:12 GMT -5
traelin0, the only thing that will save us will be communities coming together in faith. Many will ridicule this, but it is being proven in Wilmington, Ohio even as we sit at our computers wondering what will happen next.
About 26 years ago, I started asking a question of all clergy that I met. From the epluribusunum Catholic priests, to the yaka laka laka (that's supposedly tongues) baptists, my question was the same. "If you were accused of being a Christian, would there be enough evidence to convict you?" Without exception/hesitation, not one to date, has ever answered with an absolute and resounding YES. Not one.
We need to stop looking for leaders, and start being leaders. If America votes for a Libertarian POTUS in 2012, I'll consider it. |
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Post by stayput on Jan 22, 2011 2:25:12 GMT -5
Lieberman already said that he's not running for any election. Why are you so bent on him anyway?
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Post by traelin0 on Jan 22, 2011 2:26:11 GMT -5
Lieberman already said that he's not running for any election. Why are you so bent on him anyway? Lieberman is an idiot and NOT a Libertarian. I would vote for Satan's imp before I voted for him. |
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Post by stayput on Jan 22, 2011 2:29:15 GMT -5
Just pulling your leg my friend. I was attempting a Gilda Radner moment. Maybe that was before your time though.  |
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Loopdilou
Well-Known Member
AKA Mrs. Dark Honor
Joined: Feb 27, 2012 19:41:33 GMT -5
Posts: 1,365 
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Post by Loopdilou on Jan 22, 2011 2:35:26 GMT -5
traelin0, the only thing that will save us will be communities coming together in faith. Many will ridicule this, but it is being proven in Wilmington, Ohio even as we sit at our computers wondering what will happen next. About 26 years ago, I started asking a question of all clergy that I met. From the epluribusunum Catholic priests, to the yaka laka laka (that's supposedly tongues) baptists, my question was the same. "If you were accused of being a Christian, would there be enough evidence to convict you?" Without exception/hesitation, not one to date, has ever answered with an absolute and resounding YES. Not one. We need to stop looking for leaders, and start being leaders. In FAITH? I'm sorry, have you forgotten that America isn't entirely composed of Christians? Yah, I thought you might have  |
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Post by stayput on Jan 22, 2011 3:13:49 GMT -5
I haven't forgotten anything. In fact history has repeatedly shown just how many self proclaimed agnostics and others of that ilk, surprisingly find faith in the midst of national economic, weather, wartime calamities. When you finally run out of food, cloths,etc., I'm certain that you will stick to your principles and stay completely away from all of those church food/clothing pantries, as well as any housing that they may be offering to those in need.
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Post by lakhota on Jan 22, 2011 3:17:58 GMT -5
Put your faith in Santa! He delivers!
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Loopdilou
Well-Known Member
AKA Mrs. Dark Honor
Joined: Feb 27, 2012 19:41:33 GMT -5
Posts: 1,365
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Post by Loopdilou on Jan 22, 2011 3:25:06 GMT -5
I have no problem with church food/clothing pantries... they do great work. Guess what? So do a bunch of secular organizations - ever heard of the Second Harvest Food Bank? Foundation beyond belief? I know it doesn't fit into your worldview that people don't need God to give to charity, but we really don't.  And I'm not a self proclaimed agnostic. I'm even worse. |
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ugonow
Senior Member
Joined: Dec 21, 2010 10:15:55 GMT -5
Posts: 3,397
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Post by ugonow on Jan 22, 2011 12:38:24 GMT -5
Forget the rare gold coins from Goldline. Gas and oil will rule in the upcoming collaspe of civilization..Put your underground tanks in now.
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