Oklahoma oil billionaire Harold Hamm isn’t afraid to say it…he thinks the government’s optimistic predictions of more than 1 million new barrels of oil a day in the U.S. production is “distorting” global crude prices.
It’s what he told Bloomberg News, saying the prediction this week by the U.S. Energy Information Administration is “just flat wrong.”
The chairman and founder of Oklahoma City-based Continental Resources thinks the U.S. production increase would be more likely 500,000 barrels.
With oil prices just over the $50 mark in recent days, Hamm predicts that once the industry realizes the EIA exaggeration, prices might climb to $60 a barrel.
“When we’re lagging the Brent world price by $6 a barrel, that’s not putting America first, that’s putting America last. And that’s the result of this exaggerated amount that EIA has out there.”