Deregulation won’t fix oil’s geological limits
Hamm: Deregulation won’t fix oil’s geological limits
America's oil boom is hitting a geological ceiling, according to Continental Resources Executive Chairman Harold Hamm, who predicts only modest oil production increases of 1-2 million barrels per day over the next five to six years, driven primarily by the Permian Basin. Even with fewer regulations under the incoming Trump administration, Hamm cautions that maturing shale fields and dwindling resources will constrain the industry's capacity to replicate past booms.
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Permalink Reply by Skip Peel - Mineral Consultant on
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I'd like to add to Mr. Hamm's very accurate and timely comment that federal regulations have little to do with the production of onshore oil and gas. And importantly for voters to know, the price of gasoline and diesel. The petro-states regulate exploration and production within their boundaries not the federal government. The federal government regulates green house gas emissions. And deep water exploration and production in federal waters.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Unfortunately for Haynesville Shale royalty owners, as Permian oil wells age, they get gassier. There may be less oil produced in the Permian in the future but there will still be vast quantities of associated gas coming to the Gulf Coast and depressing the price of Haynesvlle gas.
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