Oil has Hit Bottom

Oil millionaire Boone Pickens speaks out on the price of oil in a CNBC interview on Monday, saying “Oil has bottomed out at $26.15.” Based on history, Pickens says with a bottom of $26 per barrel prices should double within 12 months. Pickens predicts that oil prices will reach $52 per barrel by the end of 2016. "We're still building inventories, and we will for the next several months. And then we'll start to draw," Pickens said. "Once you start to draw, you're not going to start back building again. The draw will come here in the next few months. It'll become pretty clear." Pickens noted that currently the market is oversupplied by 1 to 1.5 million barrels per day compared to the oil glut of the mid 1980’s when the world was oversupplied by 15 million barrels per day.