Billionaire Oilman Gives a Clue on When Oil Prices Will Bottom
This is an outstanding article where Boone Pickens gives us an idea about when the price of oil will bottom. The article also included a chart comparing oil prices to rig counts. Pickens believes the bottom will occur when 500-600 rigs have been idled, and we are about one third there now. Baker Hughes would be a good company to follow for knowing where we are in rig counts. I plan to be watching the bottom myself because 50-100% returns could happen through buying into the right oil stocks at the right time.
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