OKLAHOMA CITY (AP) -- Texas oilman Boone Pickens says the US must find a way to decrease demand in order to gain control of rising oil and gas prices.
At a fundraiser Tuesday in Oklahoma City, the founder of Mesa Petroleum Company told an audience of energy employees that worldwide demand is nearing daily oil production levels of 85-million barrels per day.
As a result, he expects gas prices to keep going up until demand tapers off. To force demand down, Pickens recommends taxing gasoline so it costs about $5 per gallon.
He says that artificially lowering prices to two dollars per gallon would only increase demand and create a bigger problem.
The native of Holdenville says one result of rising oil prices will be more economic ventures in alternative energy sources, including natural gas becoming a serious transportation fuel.