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If Iraq's oil supply goes offline, crude prices could hit $150-$200 a barrel, T. Boone Pickens, founder of BP Capital Management, told CNBC on Friday.
"That's where you have to kill demand with price. That's the only way you can do it, because oil won't be there," Pickens said in an interview with "Street Signs."
Crude hit a nine-month high Friday as fears intensified over the conflict in Iraq and its potential to disrupt country's the oil supply. U.S. crude—West Texas Intermediate (WTI)—hit a session high of $107.68 a barrel early Friday. Brent rose to an intraday high of $114.69.
President Barack Obama announced Friday he would not be deploying any ground troops in Iraq, and stressed that any other action would take several more days of planning. Insurgents have seized cities in northern Iraq and are only about 40 miles from Baghdad.
Pickens said long term, "there is plenty of oil around the world" and believes the U.S. can find the solution in a North American energy alliance with Canada and Mexico.
The U.S. produces 8 million barrels of oil a day, but uses more than 18 million barrels a day.
"We have the solution in North America if we just had the leadership in Washington to step up and say, 'let's make a deal,'" he said.
Pickens also called the lack of a decision on the Keystone XL pipeline "incredibly stupid on our part." The pipeline would connect Canada's oil sands to Texas refiners.
"Take the Keystone, wrap up North America and you are in really, really very, very good shape," he said.
—By CNBC's Michelle Fox