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Shale Billionaire Hamm Slams ‘Exaggerated’ U.S. Oil Projections

  • ‘Just flat wrong,’ and unfairly limiting oil prices, he says
  • Cites new driller discipline seeking return on investments
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Harold Hamm Says EIA Shale Forecast Is 'Flat Wrong'

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Billionaire oilman Harold Hamm says the government was way too optimistic with its prediction of more than 1 million new barrels a day in U.S. production, and the snafu is “distorting" global crude prices.

This year’s rise is likely to be closer to about 500,000 barrels, far off an initial forecast by the U.S. Energy Information Administration, according to Hamm, the chairman of Continental Resources Inc. and a pioneer in the shale industry.