After the ECB’s announcement for a major bond-buying program yesterday, markets and commodities soared. One of the best performing was crude oil, as its fate hinged on whether or not the ECB was willing to help out some of its most indebted nations. As its price continues to climb and strives for $100/barrel yet again, legendary investor Jim Rogers has gone on record to tell you when and why you should buy the commodity.

The first thing that Rogers notes is not to buy in just yet, believing that there will be a better opportunity in the coming months as the global economy has been relatively volatile. "If the prices collapse, I would suggest you to buy more. If there is anything that makes it go down, I would suggest buying it because until we find a lot of oil, prices will stay high and go much higher," said Rogers. His main reason for his love for crude is the dwindling reserves of the fossil fuel that he feels will only push prices higher as time goes on. Of course, he probably failed to consider some of the oil that has been found but is currently unreachable, like the largest reserve in the world that sits on U.S. soil.

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