Nasdaq reports the current price oil is around $30, which is the result of that fall over the past 18 months. But the CEO of Continental Resources is giving the industry a reason to believe.
Right now the market expects oil prices to fall an additional $10, down to $20 a barrel. As for Harold Hamm, he predicts just the opposite.
Hamm told the Wall Street Journal he thinks oil will double in price by the end of 2016, ending the year at $60 a barrel. The CEO went on to say he believes Saudi Arabia made a "monumental mistake" by pumping oil at a fast pace.
Hamm thinks the move not only depressed world prices, but likely contributed to the lifting of the U.S. government's 40-year ban on oil exports.
Hamm also said U.S. companies can't afford to drill new wells, which ramps down future supplies.
On Tuesday, Benchmark U.S. oil futures briefly dipped below $30, which is the lowest level since 2003.