$100.00 per Barrel Oil a “Sure Thing.”
Jim Rogers, who along with George Souros cofounded the Quantum Hedge Fund is predicting $100.00 per barrel oil … soon.
Bloomberg quotes Rogers, “Unless somebody discovers something very quickly and very accessibly, we’re all going to be dumbfounded at how high the price of oil will go, including me,” Rogers said in an interview in Singapore.
Other analysts, including the head of commodities research at Merrill Lynch, disagree.
Nevertheless many Wall Street traders seem to agree with Rogers as bets on futures contracts for $100.00 per barrel oil have tripled in recent months.
| This entry was posted on Monday, July 24th, 2006 at 10:32 pm and is tagged with wall street traders, george souros, commodities research, futures contracts, jim rogers, merrill lynch, barrel oil, price of oil, hedge fund, sure thing, bets, quantum, wall street, singapore. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback. |
One Response to “$100.00 per Barrel Oil a “Sure Thing.””
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We in the oil industry have been predicting this since the 1950s, so why is everyone so “surprised” that it has come to pass? Oil is and always has been a finite resource. It took millions of years for it to form and become available. It has only taken decades for us to exhaust the eupply. During the decades, which should have been dedicated to developing some form of alternative energy supply, everyone has sat back and ignored the inevitable. That luxory is no longer a viable course of action.
The near-term future holds tremendous opportunities for profiting from this catastrophic period. But the real long-term opportinity is in the accelerated development of those technologies that should have already been in place by now.