Around the 5:30 mark he says it:
“See, there’s 85 million barrels [of oil production] a day in the world, and that is–I believe is Peak Oil. You have capped at 85 million. You can’t get any more than that out of the system.”
“Will we go back to four dollars [per gallon of gas]? Of course you’ll go back to four dollars.”
Granted, T Boone Pickens is heavily invested in the natural gas industry, and so he has a reason to criticize the competing product–oil.
October 16, 2009 speech at the University of Maryland.
Duration : 0:10:42
[youtube DS9skBVr_sY]