Jim Rogers : we are running out of OIL - CNN March 03 2011

Jim Rogers :"..well the current situation is certainly causing oil to go higher and oil will go over a $150 will go over $200 eventually , if we have more turmoil it will go over a $150 next year or two , the problem is the world is running out of known supplies of oil period , and so the surprise will be how how the price stays and how it will eventually goes even if there is peace in the middle east " "...the IEA is going around pleading with people to listen that they we are running of world's known reserves of oil are declining at rates of 4 to 6 percent a year , figure it out that's simple arithmetic , we're running out of known reserves of oil "