I have known Jim Rogers since the early 1990's. Rogers started the Quantum Fund with George Soros, and is undoubtably one of the best at spotting long term trends in world economies and the markets.

In his recent visit to India, Jim gave investors a rare glimpse of the commodities market, and weighed in on the longer term trends for energy.

Here are a few of his comments:

Crude Oil: “Sooner or later the black gold will hit the $100 a barrel mark. “Crude oil price could come down if Shell energy or other groups are successful in exploring oil from the Canadian tar sand belt,” he said. Shell is reportedly spending around $4bn in the exploration work.

"Crude can go to USD 40 also. If the bird flu is going to wipe out Germany or something then crude can go down a lot. It is a normal correction in any kind of bull market, but over a period of time, the price of crude could go over USD 100 per barrel, or even over USD 150 per barrel. Nobody has discovered any gigantic oilfields for over 35 years and the reserves of oilfields are going down whether we like it or not."