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Pickens: $100-a-Barrel Oil on the Way
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There's no end in sight for the rise in crude oil prices, according to BP Capital CEO Boone Pickens.
Pickens said on Wednesday morning's "Squawk Box" that record-breaking oil prices are doing nothing to affect demand and will continue to climb.
"Within a year you're going to see $100 oil," the Texas billionaire said. "It's going to get very dicey here in the fourth quarter."
Pickens attributed the rise in oil in large part to a weak dollar and said Kurdish unrest in northern Iraq is much less a factor than basic economics.
"We've never been where we are today at $87 a barrel and we're still whistling along. Everybody seems to be, 'So what? We can handle $87' " he said. "I don't know where the world chokes on the price."
He also said that when factoring in inflation, oil prices are close to where they were in 1980.
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