Oil going to $75 in '09 unless Congress acts: Pickens

WASHINGTON (Reuters) - Texas billionaire T. Boone Pickens said on Monday the price of oil will rise to $60 a barrel in two months and $75 by the end of the year if U.S. lawmakers do not take action to cut oil imports.

"We got a break here, a little bit of breather (with current oil prices), but within 60 days we'll be back up to $60 oil and by end of year we'll be on our way ... at $75," Pickens told reporters on a conference call to promote an upcoming energy conference in Washington, D.C.

Oil prices have fallen more than $100 to around $40 dollars a barrel from their record highs last July.

Pickens applauded U.S. President Barack Obama's plan to cut U.S. oil consumption to offset the millions of barrels of crude imported from the Middle East and Venezuela within 10 years.

Under Obama's leadership, Congressional Democrats are pushing an economic stimulus package that would provide additional tax breaks for renewable energy production and funding for upgrading the U.S. electricity grid.

Pickens, who is promoting his own energy plan that would invest in wind power and natural gas, said these plans are steps in right direction. He said if Americans remain focused on renewables and the grid, the issue of rising energy costs could be resolved within a decade.

(Reporting by Ayesha Rascoe; Editing by Christian Wiessner)