Expect $50 Oil By End of 2013

Oil prices should be about half of today's $105 a barrel by the end of the year, Gulf Oil CEO Joe Petrowski predicted on CNBC on Monday.

He stressed on "Squawk Box" that this trend is mostly on the supply side because record amounts of oil and natural gas are being produced in the United States and in Canada and OPEC supplies are higher.

But "$50 [a barrel] oil does not translate into $2 gasoline," he said, because it still has to be refined and transported.