U.S. drillers have the ability to double the country’s oil production to 20 million barrels a day, but doing so too soon would tank oil prices, Continental Resources CEO Harold Hamm said Thursday.
Hamm, who made his fortune by pioneering new drilling methods in North Dakota’s Bakken Formation, did not offer a timeline for when this would be possible, but it would certainly be a difficult task. Surging U.S. production since 2008 was largely responsible for creating a global oversupply of oil that sent prices spiraling from more than $100 a barrel to $26 this past winter.
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