Energy/oil billionaire T. Boone Pickens wants those investors who are expecting oil's price to drop amid an oil supply glut to know they are likely to be on the wrong side of history, and fairly soon.

Pickens Tuesday reiterated his forecast that oil prices will pass $75 per barrel before the end of 2009, and move considerably higher in 2010, CNBC reported.

When Yahoo (NASDAQ: YHOO) spurned Microsoft (NASDAQ: MSFT)'s offer to acquire the company last month, many shareholders were outraged. Carl Icahn has acquired a stake in the company and he's rattling the proxy fight saber. Meanwhile, Yahoo has been sued by a group of shareholders alleging that the company and its officers and directors breached their fiduciary duty in failing to negotiate in good faith with Microsoft.

Court documents unsealed in Delaware Chancery Court appear to be quite damaging to Yahoo's management. The papers show that Yahoo rebuffed a bid of $40 per share from Microsoft in January of 2007. Bloomberg quotes one of the company's more quotable shareholders, T. Boone Pickens: "Whoever's suing the Yahoo management and board of directors, if they had a $40 offer and didn't take it, they're going to want to cut their throats for being that stupid. Anybody who sued them has got a good lawsuit, I'd say. I'd hate to be on that board of directors right now.''

The shareholder lawsuit alleges that the company's CEO, Jerry Yang used his power "to delay, to refuse to negotiate in good faith and to erect roadblocks."

The complaint alleges that Yang ignored the counsel of compensation consultants in structuring change of control terms for employees, in a deliberate effort to make an acquisition difficult.

If all of this is true, Yang has got to go as Yahoo CEO. Even if it isn't true, the company's performance in recent years is pretty compelling evidence that change is needed. He is probably the number one CEO on the hot seat right now

Ever wonder why conventional wisdom is so conventional? It's because it's the same people repeating it over and over.

The reason why this happens is mostly laziness. Reporters and TV producers call on the same people to render their opinions because they are the ones who return calls and show up when they are needed. I have done it myself so I know the drill well. Yes, Woody Allen's claim that 80% of success is showing up continues to be proven right. These people can be summed up in several categories: wisemen -- they almost always are male -- whose every utterance is treated as if it was etched in stone tablets by the almighty, and insta-pundits -- who are able to give quotes on every topic imaginable. Finally, there are the personal finance gurus whose message is that by helping me make money, I can help you save money.

Below are my choices for the most overexposed business pundits and media personalities. They are in no particular order.

Wisemen: Alan Greenspan -- Don't you miss the days when no one understood what the former Fed Chairman was talking about? Now, his message is pretty clear: buy my book and the subprime mortgage crisis was not my fault. Honorable mentions: former General Electric Co. (NYSE: GE) Chief Executive Jack Welch, billionaire George Soros, and oilman Boone Pickens.

Boone Pickens insists that oil has to go to $70 a barrel this year. The supply is simply going to get too tight. Of course, a number of experts disagree with Pickens arguing the the technology for extracting oil is getting better.

If Wall Street accepts Pickens case, the stocks in Exxon (NYSE:XOM), Conoco (NYSE:COP), and Chevron (NYSE:CVX) are headed back up. When oil spiked over $70, all three stocks took a nice ride into August of last year. As oil moved back under $60 in the Fall, all three stock retreated. With oil moving up again the stocks have moved back near their highs. Before last week's big sell-off, Exxon hit $75, very near a multiple year high. If oil goes over $70, it is not hard to see the price moving over $80.

Of course, the oil companies may be among the few beneficiaries of rising oil and gas prices. If Pickens is right, the industries that were murdered with the last run up in oil will suffer again. Retailers from Target (NYSE:TGT) to Lowe's (NYSE:LOW) and the big car companies, especially GM (NYSE:GM) and Ford (NYSE:F) who need some help from the economy if their restructurings are going to work.

With the market falling and consumer sentiment on edge, is very bad news unless you own oil shares.

Douglas A. McIntyre is a partner at 24/7 Wall St.

January's issue of Playboy features a lengthy interview with T. Boone Pickens, the legendary oil tycoon and corporate raider. In it he makes a number of interesting observations. Here are a few:

• Pickens said he does not think we will ever see $50-a-barrel oil again, and believes at some point we will see $100-a-barrel oil
• He is not invested in ethanol, despite his fondness for alternative energy plays, because he does not think it can operate without being heavily subsidized
• He is invested in natural gas, which he believes is the most feasible alternative to oil
• He gave two stock picks -- Suncor Energy (NYSE: SU) and Canadian Oil Sands Trust (TSE: COS.UN) -- both of which he is heavily invested in
• He discussed his investment in water, and although he said it was a worthwhile long-term investment, he clarified that he does not see water as the next oil, as water is a renewable resource and oil is not