Noted Oklahoma oilman Harold Hamm, the founder of Continental Resources and who is considered a “legend” in the industry, says the war declared against Hamas by Israel shows one thing—the world’s energy industry is better prepared for worldwide disruptions than it was decades ago.
“It certainly has affected our industry. This deal in Israel—we’re in so much better shape,” he said during a presentation Thursday at the 26th annual Oklahoma Oil & Natural Gas Expo held on the State fairgrounds in Oklahoma City.
“Back in 1973—what happened to us here in America? Remember the long lines when they cut off the oil to this country?” asked Hamm.
“You don’t see that today! You’re not gonna see a cutoff affecting us today because we got our own supply. That’s how important national security and energy independence is in America.”
Hamm told the crowd at the Bennett Center the attack by Hamas was “horrible” and offered his support for Israel, a country he said lived constantly under “threat.”
“They live a constant vigilence, but you don’t want to attack them. The Hamas will find out they really kicked a sleeping bear there.”
Hamm’s comments ranged from his belief the U.S. has a 100-year supply of natural gas and at least a 50-year supply of crude oil. He said the U.S. supplies of LNG saved Europe following Russia’s invasion of Ukraine and its weaponization of the natural gas it supplied to other countries.
Hamm said America’s LNG “filled that gap.”
The Biden administration’s promotion of Green Energy and anti-fossil fuel?
“We need all of the above. We shouldn’t pick winners and losers with subsidies,” stated Hamm who believes the majority of Americans won’t drive electric vehicles.
“Look at most of the EVs. They’re made in China and they’re actually Coal Cars because their plants are powered by coal.”
But he believes some of the renewables have a place.
Wind.
“Step outside and see what we have today.”
He also thinks coal still has a place.
“It would have gotten pretty cold without coal during winter Storm Uri,” he remembered.
