The International Energy Agency "has come to the conclusion that the world's oil reserves decline by six percent a year and that is an argument for the rising price of crude.
Say they don't decline by six percent, say they decline by four percent. That means in 25 years there's no oil at any price.
At 300 dollars per barrel they would be drilling for oil under Buckingham palace.
Related: United States Oil Fund (USO), iPath S&P GSCI Crude Oil Total Return (OIL), Exxon Mobil (XOM), Marathon Oil (MRO), Murphy Oil (MUR), ConocoPhillips (COP), Repsol (REP), Chevron (CHV), CL Futures
Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.
