Oil Headed For $150 Without U.S. Support For More Drilling, Shale Executives Say

• Oil is headed as high as $150 a barrel unless the U.S. 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.
• “That’s going to send a shock through the system,” he said on the sidelines of Hamm’s first-ever American Energy Security Summit in Oklahoma City. Without policies encouraging new drilling, “you’re going to see more price pressure.”
• Sprinkled among pro-oil presentations from Republican presidential candidate Nikki Haley and Goldman Sachs Group Inc.’s David Solomon, shale executives issued calls for the Biden administration to adopt consistent policies that will allow them to drill more. Failure to do so, they warned, will lead to tighter energy supplies and higher prices. 
• Haley said she would seek to boost domestic energy production by expanding drilling, speeding up permitting and building interstate pipelines. She also vowed to roll back some energy subsidies and regulations and revive the Keystone XL project.

(Source: Bloomberg)