Pickens expects the price of oil to continue rising.

"Eighty-five million barrels of oil a day is all the world can produce, and the demand is 87 million," he said. "It's just that simple. It doesn't have anything to do with the value of the dollar."



He expects the price of a barrel of oil to reach $150 this year, and he insists speculation has nothing to do with it.

Buying oil is draining an enormous amount of money from the United States, he says.

"We are now paying out...an estimated $600 billion a year for oil," he said. "It's four times the cost of the Iraqi war, and not one of the politicians running for president has anything to say about it. I don't know whether they don't know it, or they don't want to mention it."