OIL : Worldwide Reserves are in Decline and that is going to cause problems down the road.

ET Now: One commodity which impacts substantially from an India point of view is oil. What levels do you expect in 6 to 12 months?

Jim Rogers: I do not know. I am a bad market timer and a short-term trader. What I do know is that this surprise is going to be over the next few years - as to how high the price of oil stays and how high it goes. Reserves of oil worldwide are in a decline and that is going to cause problems down the road.

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%.