Why is oil going down? According to 50-year energy veteran T. Boone Pickens, it is going down for the obvious reason ... there is too much oil.
But Pickens thinks this depressed oil price will not last.
In the first two quarters of next year, Pickens sees inventories continuing to climb at which point they will top out. By the end of next year, a big drop in drilling rigs is going to hit production and the cycle will reverse.
Here is the link to the Pickens interview:
http://finance.yahoo.com/video/t-boone-pickens-where-oil-014100777.html
