Oil Headed for $150 Without US Support for More Drilling, Shale CEO Says
- Continental boss warns of potential ‘shock through the system’
- Goldman’s Solomon, GOP’s Nikki Haley address oil executives
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Oil is headed as high as $150 a barrel unless the US government does more to encourage exploration, according to Continental Resources Inc., 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 fields 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 exploration, “you’re going to see $120 to $150” oil, he said.