In a recent interview with Bloomberg News, Doug Lawler, CEO of Continental Resources, expressed his concerns about the future of crude oil prices. Lawler, who leads the shale-drilling giant controlled by billionaire Harold Hamm, believes that without new production, crude prices are on track to remain high and may even reach the $120 to $150 per barrel range. This revelation is expected to send shockwaves through the industry.
Despite West Texas Intermediate crude (WTI) briefly dipping below $90 a barrel on Monday, it has still seen a remarkable increase of over 34% compared to its 52-week low of $66.74 on March 17. On the other hand, Brent crude, the global benchmark, has rallied by 30% from its low of $71.84 per barrel on June 12.
Lawler emphasizes the need for policies that promote increased output in order to counterbalance the impending price pressure. He is confident that oil prices will soon surpass the $100-per-barrel threshold and expects continued volatility within the $80 to $100 range.
The future of crude prices remains uncertain but Lawler's insights highlight the need for proactive measures to address supply and demand imbalances. As we brace ourselves for potential shocks to the system, it's crucial for industry stakeholders to closely monitor these developments and adapt accordingly.
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