In an interview with On the Money's Melissa Francis, Pickens tells CNBC "I think the world is short of energy. There will be dips, but the trend is up." Pickens expects oil will "test the highs" around $78 before the end of the year. If there's a serious disruption of supply from Iran, "the sky's the limit." In late March, Pickens told us he expects oil will reach $75 per barrel before $55. The bottom line, according to Pickens, is that demand is growing as the global economy expands while the supply of oil remains fixed.