The price of oil per barrel, now above $86, could top $100, then head up to $130 over time, due to the growing world population, James Rogers, president, chairman and CEO of Duke Energy, told CNBC Wednesday.
“Just the demographics of the world will drive the price up,” added Rogers, speaking from the World Economic Forum in Davos, Switzerland.
Duke is one of the largest utilities in the US. Rogers has been a CEO in the industry for 22 years.
Rogers did not give a time frame for the price hikes.
Rogers said he was encouraged by President Obama’s speech on Tuesday in which he addressed more investment in delivering electricity to consumers.
“Setting a goal of 2035 for clean energy, including a range of energies, was very important,” he added about the President’s comments Tuesday, “especially if you realize that by 2050 every power plant we operate today will be retired, except our hydro.”