Justin Rowlatt: How high do you think the oil price could go then?
Jim Rogers: Justin, the price of oil is going to make new highs. It will go over $150 a barrel. It will probably go over $200 a barrel.
Justin Rowlatt: Over $200 a barrel? I mean that's a world record high, isn't it?
Jim Rogers: Of course it is, but Justin, the world is running out of known reserves of oil. Maybe there is a lot of oil in the world, but if there is, we don't know where it is or how to get to it.
Justin Rowlatt: You got the pre-salt deposits off the coast of Brazil, there is Arctic oil, I mean there are big reserves of oil yet to be tapped, aren't there?
Jim Rogers: Justin, those reserves off the coast of Brazil are wonderful if you own them, but even the wildest and most optimistic estimates would only add one year's reserves to the world. The world is using 86 million barrels of oil everyday Justin. Even if it stays static or goes down a little bit, those finds off Brazil will make somebody rich, but they are not going to solve the world's problems. And, if you know of a lot of oil in the Arctic, please tell us where it is, but it is going to be very difficult to get it out of there.
Justin Rowlatt: What other things should people be looking out for do you think Jim?
Jim Rogers: Well, there are many parts of the world economy which are going to do well no matter what happens. Chinese agriculture is going to boom because Mao Zedong ruined agriculture in China and now they are spending huge amounts of money trying to solve the problem.
Water is going to be a great growth industry, because India has a huge water problem, China does, America does. Many places have big water problems, so huge fortunes will be made in water in the future.