Legendary oil investor Boone Pickens stood by his forecast that oil prices will hover around $150 a barrel now and told CNBC that they may fall to about $100 in two years.
"I'll stick with $150 (per barrel)," Pickens, who is also CEO of BP Capital, told "Squawk Box". "Demand going down, that's what will bring this thing in better balance".
Asked where he saw the price of oil going in the next two years, he said: "You could get it back down to about 100."
The high oil prices are not determined by speculators and the weak dollar but by supply and demand, Pickens also said.
"It (the price of oil) isn't driven by speculation," Pickens said, adding that for 85 million barrels of oil production, demand is around 86 million barrels.
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Legendary oil investor Boone Pickens stood by his forecast that oil prices will hover around $150 a barrel now and told CNBC that they may fall to about $100 in two years.
