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Billionaire energy magnate T. Boone Pickens said that he believes the price of oil could soon drop as low as $20 a barrel. 

Pickens talked to Neil Cavuto on Fox Business Network this afternoon, as oil drops below $30 a barrel and the stock market continues to plummet

Pickens, who chairs the hedge fund BP Capital Management, acknowledged that he got it wrong last year when he said the price of oil would go back up to $70.

He said right now, the global oil market "is oversupplied with about a million to a million-and-a-half barrels a day," fueled by Saudi and U.S. production. 

However, Pickens said that by 2020 the price of oil will be back at around $100 a barrel.

Pickens went on to discuss the 2016 presidential race, predicting that Hillary Clinton's legal issues connected to her private email server will cost her the nomination. 

Watch the full interview above, and catch Cavuto: Coast to Coast, weekdays at noon ET on FBN.

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