U.S. investor: Oil reserve decline is major reason behind oil price hike

U.S. investor Jim Rogers has said that the decline in known oil reserves across the world is the main reason behind the skyrocketing oil prices that have already topped 145 U.S. dollars a barrel.

While admitting that factors driving up oil prices are various, Rogers insisted that short of oil supply was the fundamental factor pushing oil prices up all the way.


“Nobody has discovered any major oil fields in over 40 years, while known oil reserves are declining amid a situation that the demand is boiling,” he said, adding that oil prices will no doubt go higher unless somebody finds a lot of oil quickly, Rogers said in a telephone interview with Xinhua Thursday.

“Nearly every oil company has declining oil reserves, nearly every oil country in the world has declining oil reserves,” he said, noting that “the known oil reserve will not last 100 years.”

Xinhua