T. Boone Pickens on Oil and China

Oil is edging toward $73 per barrel this morning after the International Energy Agency predicted in its monthly report that oil demand will grow more quickly in 2008 than this year. The IEA also said higher production and refinery capacity should ease pressure on supply.

Texas oil man Boone Pickens made a new prediction on oil prices this morning. “I think you’re going to see 80 (dollars per barrel) before I’m 80. I’m going to be 80 next May,” Pickens told “Squawk Box.”

“What I see is from the producers’ side — that the Saudis, Russians, all of them –producers, they want a higher price for oil and what they’re searching for is how much can the market stand … they’ll keep pushing it up as high as it can go,” Pickens said.

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