Don't be surprised to see oil prices continue to increase over the next 10 years, warns Jim Rogers.
"Over the course of time, it's a bull market," the chairman of Rogers Holdings said.
Regardless if oil falls to $75 or rises to $175, Rogers says the market will continue to increase over the next 10 years.
In April 2006, Rogers correctly predicted that oil prices would reach $100 a barrel and gold $1,000 an ounce.
Crude oil futures have dropped 22 percent since hitting $147.27 a barrel on July 11. That's the highest price since trading began in 1983.
U.S. crude fell 6.9 percent to $107.50 a barrel on Sept. 2 as concerns about Hurricane Gustav ebbed, and reports showed the hurricane had spared the major U.S. oil facilities in the Gulf of Mexico.
Just days before the hurricane made landfall on Sept. 1, oil rose to $117 as Gustav was poised to enter the Gulf.
David Cohen, director of Asian forecasting at Action Economics in Singapore, told Bloomberg.com that the rise in the price of crude oil "was a recognition" of the growing demand of emerging economies like China and India.
"I can certainly see crude continuing about $100 a barrel for the longer term. The fundamentals of supply and demand should be supportive of prices," said Cohen.
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