The agony of the oil patch continued Wednesday when crude fell to levels not seen since December 2008 — leading Jim Cramer to ask when the pain would finally come to an end.

That is why Cramer turned to the insight of oil magnate, financier and philanthropist T. Boone Pickens, to discuss the future of energy for the U.S.

The recent rout in oil has prompted many investors to ask what could be in store for 2016, as many speculate that crude will continue to trade in the $30s for the foreseeable future.

"Close to the bottom. I was just a year off. We will be back to $70 to $75 by the end of the year," Pickens said. (Tweet This)

The oil tycoon added that the world is currently using approximately 95 million barrels a day, and is oversupplied by about 1 million barrels of oil. Therefore he does not believe that it will take much to balance the market. When that occurs, the price of crude will move up fast.

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The real turning point in Pickens' perspective was when Saudi Arabia announced Sunday it would cut diplomatic ties with Iran.

"Usually in a commodity market like this you can have an incident that you marks the bottom. That could have happened on the Saudi-Iranian deal," Pickens said.

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