“‘That’s going to send a shock through the system.’”
That’s Doug Lawler, chief executive of Continental Resources, the shale-drilling giant controlled by billionaire Harold Hamm, telling Bloomberg News on Monday that crude prices are set to remain elevated and could press to the $120- to $150-a-barrel range without new production.
More price pressure is coming, he said, unless policies are put in place to encourage more output.
West Texas Intermediate crude
the U.S. benchmark, edged back below $90 a barrel on Monday but remains up more than 34% from its 52-week low of $66.74 hit on March 17. Brent crude
the global benchmark, has rallied 30% from a 52-week low of $71.84 a barrel set on June 12.
Lawler said he thought oil “absolutely” would hit the $100-a-barrel threshold and that he expects to see continued volatility in the $80- to $100-a-barrel price environment.