Dan Dicker, energy contributor at thestreet.com, takes a victory lap on his call for a ‘double-dip’ drop in oil prices he made in June. Cramer asked for comments on his interview with Core Labs CEO David Demshur on Mad Money on Tuesday, where Demshur called this the bottom in prices and predicted a recovery to $70 a barrel by the end of the year. While Dicker agrees with the arguments on why oil will ultimately recover, having covered all of them in his recent book, “Shale Boom, Shale Bust: The Myth of Saudi America”, he does not agree with the optimism of Demshur that that recovery will begin before the end of the year. Dicker believes that low prices will continue to plague the industry for at least another three quarters as production in the shale plays in the US continues to go up, despite dropping rig counts and depletion rates.
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