Continental Resources (CLR) CEO Sees Oil Headed Higher Without US Action - Bloomberg
Continental Resources (CLR) CEO Sees Oil Headed Higher Without US Action - Bloomberg
Oil Headed for $150 Without US Support for More Drilling, Shale CEO Says
Oil is headed as high as $150 a barrel unless the US government does more to encourage exploration, according to Continental Resources, the shale driller controlled by billionaire Harold Hamm.
Crude output in the Permian Basin will one day peak as it already has in rival shale regions such as the Bakken region of North Dakota and the Eagle Ford in Texas, Continental Chief Executive Officer Doug Lawler said during an interview with Bloomberg TV. Without new production, “you’re going to see $120 to $150” oil, he said.
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Oil Headed for $150 Without US Support for More Drilling, Shale CEO Says
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.