He said the political debate in the U.S. about off-shore drilling ?-- with John McCain and the Republicans supporting it and Barack Obama and the Democrats opposing it -- is an example of the stark differences between the two candidates, differences that he believes will be sharper than any U.S. federal election since Ronald Reagan versus Jimmy Carter in 1980.

"He is not going to do it on rhetoric or atmospherics," he said. "Senator Obama can do a teleprompter better than anyone can in the political world today. But people in the U.S. are teed off right now."

"There is no justification for the price of oil," he said. "A bubble takes on a life of its own. I have no idea when it will pop but it will pop just like the markets for high tech, housing and exotic financial instruments."