Why does T. Boone Pickens still think that $70 oil is going to happen this year?
It is pretty simple according to him. One, he thinks global oil demand has risen 2 million barrels per day in 2015. That is double the usual rate of growth. Two, the rig count has crashed and all of the shale oil plays are going to have declining production in the second half of 2015.
More demand and less supply equals a tighter market. He sees significant tightening in the next couple of months.
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