During a televised speech on Saturday, Venezuelan President Hugo Chavez stated that world oil prices are on a path for $100 per barrel.

"I've always said that oil prices are headed straight to $100 per barrel," he said during a televised speech. "We should prepare ourselves for those prices of one hundred dollars."

Chavez said the world is in the midst of a "global crisis" and that oil prices will continue to rise as demand increases and available reserves continue to dwindle.

Chavez repeated threats to cut off oil sales to the United States. The United States historically receives 12 to 15 percent of it's imported oil from Venezuela.

"No one should think that we're going to stop sending oil to the United States, no -- unless they attack us again," Chavez said during a speech to leaders of Caribbean nations meeting in Caracas for an energy summit.

"If they attack us again like they did in April of 2002 ... there will be no oil."