Oil to hit $100 a barrel, commodities expert predicts

The slide in oil prices that dragged gas prices in Indianapolis below $2 a gallon won’t last more than two years, according to Jim Rogers, who in 1999 predicted the surge in oil, metal and grain prices.

The author of “Hot Commodities” and creator of the Rogers International Commodity Index told Bloomberg that booming growth in China and other Asian countries will push oil above $100 a barrel in the long term.

Oil prices dipped briefly below $50 yesterday after hitting $78.40 in July as warm weather cuts demand.