Texas oilman sees $5 per gallon gas worldwide

Texas oilman T. Boone Pickens suggested Tuesday that the short-term solution to oil supply and demand problems is high gasoline prices at the pump — perhaps $5 per gallon.

In a speech to civic clubs, Pickens, a native of Oklahoma, said demand for oil is about 85 million barrels a day worldwide, about the same as both supply and refining capacity.

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