Oil tycoon Boone Pickens predicts U.S. oil prices doubling in 2016

The price of crude oil slid below $30 dollars a barrel Tuesday, solidifying the second day in a row of slumping prices.

Two major energy companies have already announced losses and layoffs.

BP announced they plan to cut 3,000 jobs by the end of 2015, and Exxon Mobile said their profits are down nearly 50 percent.

Despite another down day on Wall Street, some energy experts remain optimistic.

U.S. crude oil hit rock bottom Monday after falling to $26 per barrel. However, oilman T. Boone Pickens said on CNBC’s “Squawk Box”, based on history, prices should double within the next 12 months.

He predicts prices will rise to a minimum $52 per barrel by the end of the year. On the other hand, Pickens did admit he made a wrong call in 2015 when he thought prices would rebound strongly.

All in all, the global economy will determine whether prices will reach $50 or $70 before 2016 ends, Pickens said.