The problem with my $70 oil call: Boone Pickens


After oil prices plummeted, I went on the record saying I thought they'd be back above $70 per barrel by the end of 2015.

The year isn't over yet, but my prediction isn't looking good.

I thought worldwide demand would go up — and it has. The latest from the International Energy Agency shows demand is already up about 1.7 million barrels a day.

I thought supply from the United States would go down — and it has. Companies have been laying down rigs, and U.S. production has dropped by 500,000 barrels a day since June.

So where'd I go wrong? One word: OPEC. (by T. Boone Pickens, via CNBC) 

"The United States, however, is taking a short-term view. Our economy is powered by cheap energy, and $2 gasoline makes a lot of folks happy. We know it'll hurt when prices go back up — which they will — but the American public has pretty much made energy a back-burner issue. Things are good today, so we'd prefer to wait until tomorrow to worry about the future."