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There’s No Gasoline Shortage: Pickens

Friday, 2 Nov 2012 | 4:13 PM ET

While it may take hours to get the gas tank filled in parts of the northeast, there's still plenty of gasoline, oil and gas investor Boone Pickens told CNBC's "Closing Bell" on Friday.

"The problem isn't a shortage of gasoline, it's a shortage of power to pump the gasoline out of the tank and into the car," Pickens said.

He said Sandy was an unusual storm that is just going to take time before the situation gets worked out.

(Read More: Gas Shortages May Not End for a Week.)

"I think you accept that this is a 100-year storm and this will be behind you," he said.

Boone Pickens on Northeast Gas Crisis
T. Boone Pickens, founder of BP Capital, explains what it will take to solve the gas crisis. "It's not a shortage of gasoline, it's a shortage of power," he says.

"There's nothing that anyone can do to get the gasoline quicker than is going to happen because you're back to your power companies, your utilities," Pickens said.

He also said that gas stations that are open shouldn't hike gas prices because of the storm.(Read More: How to Fix the Gas Shortage: Let 'em Gouge.)

"The gas is already in their storage ready to be sold," Pickens said. "The filling station isn't paying any more for the gasoline already in storage."

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