President Barack Obama could authorize crude oil exports with an executive order, according to Harold Hamm, founder and CEO of Continental Resources Inc. (NYSE: CLR), Bloomberg reported Feb. 27.
Export restrictions, a boon to refiners, hurt oil producers, Hamm said Feb. 27 in an interview on CNBC.
The export ban was an “enforcement tool of price control back in the ’70s,” Hamm said. “It could be done away with with an executive order. I would expect the president to do that.”
Hamm also said he expects U.S. oil production to fall in March or April as producers cut drilling after prices collapsed. Prices will recover once the U.S. is in “undersupply,” he said.
“We should lose, we’re estimating about 1.5 million barrels a day of U.S. production, in the first year from May to May of 2016,” Hamm said. “So it happens real quick.”
Continental Resources is the largest leaseholder and producer in the Bakken Shale play of North Dakota and Montana.
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