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Pickens Predicts $140 Oil When Economy Recovers

Billionaire oil tycoon Boone Pickens, chairman of BP Capital, predicts oil will reach $75 a barrel within a year and go back up to $140 a barrel when the global economy turns around.

Pickens told CNBC importing 70 percent of our oil poses a significant threat to the U.S. economy, and he expects energy independence has a better chance under the Obama administration.

Pickens is taking his renewable energy plan—the "Pickens Plan"—back to Capitol Hill today. He forecasts his plan will create 138,000 jobs within a year and 5 million jobs within 10 years.

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