Petroleum prices whipsawed Monday and Tuesday, leaving some investors perplexed. On "Closing Bell," legendary oilman Boone Pickens and former presidential candidate Steve Forbes offered their views to CNBC's Maria Bartiromo.
Forbes told Bartiromo that while oil demand is rising, the world has vast unexploited resources yet to be tapped -- such as America's continental shelf, where there are "tens of billions of barrels, potentially." But he chides U.S. "bureaucrats" for blocking the drilling -- and for creating "obstacles" to a successful nuclear-power industry along the lines of France and Japan.
Pickens, the CEO of BP Capital, predicted that oil prices will shoot up, with consumers reaching a "crossroads" in the fourth quarter of this year: "Demand will be greater than supply," he said, and "we'll see what the consumer can stand." Pickens conceded Forbes' point that there may be unexplored oil sources, but he believes that producers "simply can't find, can't drill fast enough" to meet soaring demand. Pickens' conclusion: "The only way to kill demand is with price."