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Oil May Hit $75: Pickens

Oil prices are likely to hit $75 a barrel this year, and rise further next year, T. Boone Pickens, founder and Chairman of BP Capital Management, told CNBC Tuesday.

"We're going to see $75," Pickens told "Squawk Box."

Prices can go as high as $85 or even $88 in 2010, he said, and did not rule out a new run to $145 for oil.

Pickens reiterated his stance that the US should ask for Iraqi oil.

"We should come out of Iraq with a call on Iraqi oil," he said. "America's entitled to that, for the people we lost there."

"We haven't got much out of Iraq that I can see that's helped America," Pickens added.