Billionaire T. Boone Pickens Says Oil Prices Have Bottomed Oil prices are hovering near $30.00 per barrel, down 50% from last summer and down 80% from the summer of 2008. How low can oil go? No lower apparently. In fact, energy entrepreneur and perma-oil bull T. Boone Pickens, has called a bottom to oil. But is the man who called for $70.00 oil by the end of 2015 right? Or is he just trying to calm nervous investors?
T. Boone Pickens Call for $70 Oil by End of 2016
Oil is trading near $30.00 per barrel and is a third of the cost of the $100.00 purchase price of the barrel used to transport the black gold. Oil prices are being weighed down by weak global economic conditions and a supply gut. If there was ever a perfect example for the mechanics of supply/demand, this has to be it.
But just how low can oil prices fall? Will the global bear market and correction drive oil prices down even further? Or will there be a bullish reversal that sends oil prices significantly higher? Or will oil find support in the infinite number of scenarios in between?
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