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2015-03-23 18:35:00

OIL PRICE: $70/BBL

OIL PRICE: $70/BBL

Could an oil and gas bounce-back loom in America's near future? During his appearance on CNBC's "Squawk Box," energy magnate Boone Pickens seems to think so, forecasting prices to rise to $70 per barrel by the end of the year.

Pickens noted producers' efforts to balance the rocky market with rig cuts, but blamed overzealous production habits for slashing oil prices by half since June. Today, U.S. crude prices reached as low as $43.

Baker Hughes reported a rig count of 866; a far cry from the U.S. high of 4,530 in 1981, but still well above the low of 488.

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Tags: OIL, GAS, PRICES, U.S.,

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