Pickens Sees $70-Oil by Year’s End

Oil has been on a slippery slope, but according to oil entrepreneur T. Boone Pickens, prices will shoot up to $70 a barrel by the end of the year, CNBC reports. He claims U.S. oil producers overshot demand in recent years, causing the current price slide of around 50 percent since June. But companies are now “rebalancing,” which should push prices up.