Over at SeekingAlpha, a contributor "fact checked" Jim Rogers.
I'm not convinced that the SeekingAlpha contributor has adequately challenged Jim Rogers.
Two important points that the contributor relies on:
- He trusts OPEC's estimate that their reserves make up 77 percent of global reserves in 2009; these figures have not been peer-reviewed and as the contributor says, "cartel members are notorious for cheating on their quotas"; and,
- The figures he uses to show that total oil reserves have increased over the last two decades includes total liquid reserves; even he admits that he would like to see crude oil broken out separately from other liquids. These other liquids can not be used like crude oil for transportation fuel.
$4.00 gas is nearly here....Unleaded gas here in Contra Costa County, CA is $3.43 today...and FYI we have a few refineries in this county.
ReplyDeleteI forget the exact price, so I could be wrong, but I think we were paying $3.59 in Huntington Beach / Long Beach / San Pedro during early January, 2011.
ReplyDeleteThank you for stopping by.
In the big scheme of things, even though I am invested in oil-related holdings, I would prefer gasoline to stay well below $3.50. I think it will have a much bigger effect on the economy than some folks think.
Good luck to all, regardless.