NEW YORK (Reuters) - Commodities investment guru Jim Rogers said on Tuesday he expects oil prices to hit $100 a barrel as part of a larger commodities bull run that could last another 15 years.

With new oil discoveries struggling to keep up with rising demand from emerging economies in China and India, Rogers said crude prices will surge past historical highs.

"The surprise is going to be how high oil prices can stay and how high it goes. The old high for oil adjusted for inflation would be $100 a barrel, say," Rogers said at the Reuters Hedge Funds and Private Equity Summit.

"We'll certainly get there again," added Rogers, who rose to fame as the co-founder of the Quantum Fund with billionaire investor George Soros in the 1970s.

U.S. oil futures surged to a record high over $78 a barrel last year driven by supply concerns from producer nations, before easing to current levels around $62 a barrel.

Rogers, who is also known for founding of the Rogers International Commodity Index , said commodities are in the midst of a bull run that started in the late 1990s and that could last through 2022, until prices rise to a level where demand is finally sated.

"If oil goes to $200 they will be drilling for oil on the White House lawn. If it goes to $300 they will be drilling at Buckingham Palace," Rogers said, adding: "This will come to and end someday, but someday is a long way from now."

(Source)⇒Reuters