Money Morning Contributing Editor Martin Hutchinson detailed earlier this week how worldwide population growth will affect global commodity prices, prompting many readers to express praise for his well-supported analysis.
Hutchinson cited the United Nations report "2010 Revision of World Population Prospects" published May 3, where the UN estimated that the global population would reach 9.3 billion in 2050. This means prices for oil, metals, and food are also likely to climb much higher by 2050.
"The total impact of the UN's spiraling population projections will be seen over the long haul," said Hutchinson. "And that means that -- even when interest rates are back to normal levels -- global commodity prices will not return to levels we would consider ‘normal.' Oil prices will never see $20 a barrel again; their bottom is probably somewhere in the range of $60 a barrel to $80 a barrel -- after which they march higher."