Oil Prices Decline is artificial. OPEC is trying to drive down prices because of Shale competition

Jim Rogers told ET Now that the decline in Oil Prices is 'artificial'. "Some of this (oil price decline) is artificial. OPEC is trying to drive down prices because of Shale competition. The oil situation is very artificial at the moment.""It looks like a lot of people are dumping. This is artificial. Though I would not be dumping oil myself," Rogers said. Asked about the US Shale gas boom, Rogers said, The Shale boom will not continue very strong especially if prices do come down. That is high cost oil, and remember those are very short lived wells," Rogers said. "The production runs down very quickly,"




Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.