Oil prices have plunged in the past year, but big names throughout the oil industry like T. Boone Pickens have predicted that they'll spike quickly by the end of the year. For that to happen, 1-2 million barrels per day in oversupply needs to ease, whether it's through higher demand or lower supply. 

Signs are starting to show that indeed supply is starting to come down and demand is improving. That's great for oil companies, but could mean higher gas prices for consumers. Here are the five biggest reasons oil could jump in 2015. 

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.