The long term price of oil should be between $85 to $90 per barrel, but BlackRock’s Dan J. Rice sees it hitting $120 per barrel or higher this year, which could mean a slow down in the world economy.

“The world is growing way too fast,” said Rice at the IMCA Consultants Conference in New York City on Monday. “It will lead to significant inflation especially in India and China. There’s nothing really on the horizon that will change this by keeping commodity prices depressed.”

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