Oil Tycoon Pickens Sees Even Higher Prices

Texas oilman Boone Pickens says the U.S. must find a way to decrease demand to gain control of rising oil and gas prices.

At a fundraiser today in Oklahoma City, the founder of Mesa Petroleum Co. told an audience of energy employees that worldwide demand is nearing daily oil production levels of 85 million 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.
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