Bakken Billionaire Harold Hamm – There Will Be No Glut of Oil in the US
What I have been looking for these days is his opinion on how much American oil production is going to impact the oil price going forward. He addresses that and several other issues:
- 9 out of 10 Americans believe that the U.S. should strive for energy independence.
- Hamm is Romney’s energy adviser.
- Hamm has been talking about energy independence two years ago; in response to the question of whether Obama has contributed to the current boom Hamm says not in any way.
- The boom is due to the industry’s ability to now produce non-mobile oil, or oil that is trapped in tight rocks.
- There will not be a crude oil glut created by the boom in American production the way there has been with natural gas. Oil has one giant unconventional oil field (Bakken) and a couple of smaller ones. There are 15 shale gas plays.
- Tax breaks for oil companies are necessary to encourage exploration and experimentation which allows for plays like the Bakken to have breakthroughs.