Billionaire Shale King, Harold Hamm, also known as one of the great American wildcatters, is blaming the government for depressing U.S. oil prices by making overly optimistic predictions. And he’s calling for a change.
The U.S. Energy Information Administration (EIA) is a principal agency of the U.S. Federal Statistical System, and Hamm isn’t the first to call them out on faulty forecasting. In a recent interview, Hamm, who is founder and chairman of Continental Resources Inc., said, “EIA is on that world stage with us, as the swing producer in the world, and so it’s going to require better, more sophisticated methods of forecasting — more so than ever before,”
Hamm, who is the head of the Domestic Energy Producers Alliance of oil producers and industry trade groups, will be able to share his thoughts and “meaningful feedback” with the EIA at an upcoming webinar. Some of those thoughts, in addition to buttoning up their forecasting? The $6+ differential between the US benchmark WTI and international Brent crude.
In the interview Hamm also shared that shareholders are giving feedback to producers to not oversupply the market, and to become more disciplined operators.
Click here to read the full article on Bloomberg and watch an informative video about US shale and its producers.