T. Boone Pickens appeared with Neil Cavuto on Fox Business Channel to discuss oil prices. Boone said that prices have fallen because “demand is half what we had predicted a year ago” yet “inventories are still building.”

He said we should still build the Keystone Pipeline because oil prices are likely to return to the $80 to $100 range in the next 12 to 18 months.

Pickens said the Saudis “are not going to cut output” to raise prices because of their huge cash reserves but “it is killing other OPEC members like Iran, Russia, Nigeria and Venezuela” and “they are making new enemies hourly.”