Shale Billionaire Hamm Says Industry Binge Can ‘Kill’ Oil Market
- WTI plunges 5% to year-low just above $50 on oversupply fears
- Saudi Arabia has warned about U.S. output growing ‘too fast’
Continental Resources CEO on Trump and Energy's Future
This article is for subscribers only.
Harold Hamm, the billionaire shale oilman, said the U.S. industry could "kill" the oil market if it embarks into another spending binge, a rare warning in a business focused on fast growth to compete with OPEC.
The statement, at an energy conference in Houston on Wednesday, comes as top shale companies announce large increases in spending for this year, and the U.S. government says domestic oil output next year will surpass the record high set in 1970. OPEC ministers have said they are keeping a close watch on shale production to decide in late May whether to extend their oil-supply cuts into the second half of the year.