OKLAHOMA CITY (AP) Texas oilman T. Boone Pickens says $5-a-gallon gasoline may be the short-term solution to oil supply and demand problems.
In a speech to civic clubs Tuesday in Oklahoma City, the native Oklahoman says demand for oil is about 85 million barrels a day worldwide, about the same as both supply and refining capacity.
In the foreseeable future, he says production is coming down at the same time demand will be growing. He says China has doubled its demand for oil in 10 years and the demand will continue to grow.
The founder of Mesa Petroleum Company, Pickens says demand is so tight that if Iran pulled one million barrels of oil off the market, the price per barrel would jump to $75 in 24 hours.