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Monday, May 23, 2011

Crude Oil is still the cheapest alternative for energy

Marc Faber " I would not take off for a long time and believe me crude oil is still the cheapest alternative for energy and I live in the North of Thailand I mean the people in the countryside they still drive the motorcycs they are not giving to have a motorcycles with batteries but too expensive. So in emerging economies in the last 18 months although we had a huge collapse in economic activity globally their oil demand still growing and in the developed world it is going down and so forth I am convinced that in Asia the oil demand over the next 20 years will more than double so we consume today in Asia 22 million barrels a day. We will go to something like 40 million barrels. The oil production in the world is 85 million barrels of oil a day and every year we find new oil but we use much more oil than we find new reserves so essentially the reserve level in the world is going down. So eventually I suppose we will have much higher prices. " in ET Now

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.

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