IHS Markit vice chairman Daniel Yergin, while providing insight into Democrats grilling oil executives over their impact on climate change, warned that a cold winter this year could cause oil prices to reach $100 per barrel on "Varney & Co." Friday.

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DANIEL YERGIN: I think that could happen basically if we have a cold winter, but oil is being dragged up by what's happening, the global shortage of liquefied natural gas, the shortage of coal…

I think [Biden] ran saying, 'I'm not going to ban fracking.' I think he realizes that if we don't drill in this country, you know what's going to happen? We're going to go back to importing oil instead of being energy independent.

I don't want to predict $100, but certainly, people are out there saying that, and you could see that it happens as these markets continue to be tight. And what we basically are seeing is underinvestment in energy resources…

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close IHS Markit Vice Chairman Daniel Yergin discusses how cold winter weather could impact oil prices and Halloween candy sales. videoDaniel Yergin on oil prices, Halloween candy surge

IHS Markit Vice Chairman Daniel Yergin discusses how cold winter weather could impact oil prices and Halloween candy sales.

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