He's Boone Pickens--he's CEO of the private equity firm BP Capital--and he's a major "player" when it comes to oil (he has an estimated worth of $2.7 billion). He called in to "Squawk Box" this morning to talk about the falling price of crude.
A little background before we get to what Pickens said. The price of crude is down 16% since the first of the year--and is hovering now around $50 a barrel. The oil minister of Saudi Arabia has said he doesn't see a need right now for OPEC to cut oil production (more on this from Pickens).
The fall in the price of crude has largely been blamed on warmer weather in the U.S. especially in the northeast section. But much cooler temperatures have hit most of the country--and analysts say the demand for oil should rise--and that could increase the price of crude.