Pickens: $80 a barrel this year

Legendary oilman T. Boone Pickens said Tuesday that global demand will outstrip supply in the fourth quarter of this year, leading U.S. oil prices to rise to $80 or more a barrel.

Pickens would not predict how high beyond $80 oil would go this year or in 2008 but said he was interested to see how long $80 oil will need to be sustained to lessen demand.

cnn