• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 16 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Houthi Red Sea Attacks Are Boon for Pirates as Ships Reroute

Houthi Red Sea Attacks Are Boon for Pirates as Ships Reroute

It’s unlikely that surging piracy…

Chesapeake's Production Cut Shakes Up Natural Gas Markets

Chesapeake's Production Cut Shakes Up Natural Gas Markets

Chesapeake Energy's decision to decrease…

Shale Pioneer Harold Hamm Slams Biden's "Failed" Energy Policies

The Biden Administration's "failed policies on energy are not working" and this administration hasn't changed its tune to the oil industry since day one in office, Continental Resources chairman and founder Harold Hamm told Fox Business in an interview on Monday.

Shale pioneer and oil billionaire Hamm was commenting on the record-high prices of gasoline and diesel in America, noting that economic weakness is inevitable when the U.S. economy is faced with the highest diesel prices on record.

As of May 16, the average nationwide gasoline price is $4.483 per gallon, according to AAA data. That's the highest average U.S. price ever. Diesel prices are also at a record $5.568 per gallon, the highest ever recorded.

Referring to the U.S. Administration, Harold Hamm did not spare criticism today.

"They haven't done anything except pound on more regulations and more burdens on the situation for the industry," the oil tycoon told Fox Business' Maria Bartiromo.

"They are not giving us any break out here in the field to produce more hydrocarbons," Hamm said, adding that leasing is not happening and access to federal permits is not enough.

Related: Germany to End Russian Oil Imports Whatever EU Decides

Hamm is one of the most vocal critics of the Biden Administration's energy policies. The U.S. Department of Energy is currently urging producers to pump more, but only in the short term, until the price of gasoline falls to acceptable (for the Administration) levels.

But the U.S. oil industry seeks a long-term commitment to the sector from the Administration and says that despite all pleas and calls, it simply cannot raise production too fast, too soon. 

Not even $200 oil would incentivize shale giant Pioneer Natural Resources to drill beyond what it has planned for, according to chief executive Scott Sheffield. 

"Whether it's $150 oil, $200 oil, or $100 oil, we're not going to change our growth plans," Sheffield told Bloomberg Television in an interview just before Russia invaded Ukraine. "If the president wants us to grow, I just don't think the industry can grow anyway," Sheffield added.

ADVERTISEMENT

"We can't treat the oil and natural gas industry as a kind of light switch that is turned on or off to suit the political moment," American Petroleum Institute (API) President and CEO Mike Sommers said at The Economic Club of Colorado earlier this month.

"Production and delivery don't work that way. Yet the overriding policy lately has been to cancel pipelines, block permits, and deny leases – all of which suppress needed investment."

By Charles Kennedy for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News