Pickens: $100-a-Barrel Oil on the Way
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.