Rogers: Reserve deficit will fuel oil price

Commodities guru Jim Rogers says oil will continue to rise because there have been no major oil field discoveries in over 40 years.

The chairman of Rogers Holdings, which has just launched the Rogers Global Resources Equity index, told CNBC oil prices have to go higher, otherwise "we are going to run out of oil". He says despite concerns demand for commodities is generally declining globally, it is still a ‘bull market' as supply is dropping at a faster rate. "Lead has lost 35% of its demand in the past few decades. And yet lead has gone through the roof in the past few years, because the supply has gone down faster than the demand. "We have huge shortages of everything developing. The facts are we are running ...