Without new exploration, “you're going to see $120 to $150” oil, Lawler told Bloomberg TV on Monday. “You're going to see more pressure on price,” Lawlor told Bloomberg at the inaugural conference. “That's going to send a shock through the system.”
Oil could hit $150, sending ‘shock through system,’ says top shale CEO
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 CL00,
0.19% CL.1,0.19% , 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 BRN00,
+0.13% , 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.
About the Author
William Watts is MarketWatch markets editor. In addition to managing markets coverage,
he writes about stocks, bonds, currencies and commodities, including oil.
He also writes about global macro issues and trading strategies.
During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London,
New York and Washington, D.C., newsrooms.
Harold Hamm, Continental Resources chairman and founder, discusses the oil-price war between Saudi Arabia and Russia and what it means for Continental. He speaks with Bloomberg's Alix Steel on ...
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