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Pickens, Forbes Weigh In On Energy

Tuesday, 24 Apr 2007 | 6:20 PM ET

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.

Calculating Crude
The future for crude in light of recent price spikes, with Steve Forbes, Forbes CEO; T. Boone Pickens, BP Capital CEO and 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."

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  • With almost 30 years experience in business television, Bill Griffeth is co-anchor of the 3 p.m. ET hour of CNBC's "Closing Bell."

  • Kelly Evans

    Kelly Evans is an on-air correspondent, reporting across CNBC's business day programming. She is co-anchor of CNBC's "Squawk on the Street."