GOVERNMENT Continental's Harold Hamm on the future of the energy industry: 'We've got to be smarter' M. Scott Carter The Oklahoman Harold Hamm, chairman and chief executive officer (CEO) of Continent
M. Scott Carter The Oklahoman
GOVERNMENT
Continental's Harold Hamm on the future of the energy industry: 'We've got to be smarter'
M. Scott Carter
The Oklahoman
The United States needs to get smart about its energy policy because the oil and gas industry isn't going away any time soon, the executive chairman of Oklahoma City-based Continental Resources said Monday.
Speaking at the American Energy Security Summit, Continental's Harold Hammwanted the discussion at the summit to be about smart energy policy, according to a Bloomberg News report.
“It’s about IQ instead of EQ, as I call it — the intelligence quotient instead of the emotional quotient,” Hamm said. “We’ve got to be smart about energy. If we can get our act together here, the better off the whole world will be."
In the Bloomberg report, Hamm said he expected the nation's need for petroleum-based energy would not change in the coming decades, despite the push for alternatives. “All the studies that have been done show that we’re going to be on oil and gas for the next hundred years,” Hamm said.
Biden administration policy on drilling on federal lands increased energy costs, Harold Hamm says
Hamm also criticized the Biden administration's policy that governs drilling on federal land. During a reception Sunday evening for those attending the summit, Hamm said there should be a full-on resumption of oil drilling permits on federal land. He said losing the ability to drill on federal lands has increased energy costs.
“When the federal leases were pulled off the table with this latest administration, it took a full year just to modify everybody’s drilling plans,” Hamm said. “Everything you planned that you’re going to do, if you can’t get permits, you have to basically go to plan B, and plan B is not a good plan.”
In July, the Biden administration proposed changes to the federal rules that covered drilling on federal lands. Officials with the U.S. Department of the Interior said they wanted to increase the royalties paid by fossil fuel companies to drill. The change, which would be the first since 1920, also would increase the cost of bonds the drilling companies have to pay upfront before starting a well.
More:How Harold Hamm helped start the shale revolution and why he didn't join the Trump Cabinet
The Interior Department estimated the change would increase other fees for drilling on public lands and would increase the cost to fossil fuel companies by about $1.8 billion between now and 2031.
Hamm's presentations on Sunday and Monday were part of the American Energy Security Summit, which was billed as the first of its kind in the country. The event, sponsored by the Hamm Institute for American Energy at Oklahoma State University, featured state and national political leaders, including U.S. Sen. James Lankford and Gov. Kevin Stitt. Also attending were Nikki Haley, former U.S. ambassador to the United Nations; Mike Pompeo, former U.S. secretary of state; Dan Brouillette, former U.S. secretary of energy; and representatives of several U.S. oil companies.
Lankford, Oklahoma's senior U.S. senator, welcomed the group Sunday. "We’re glad you actually got here today to see what’s going on in the center of the energy universe," he said.
The Oklahoman
The United States needs to get smart about its energy policy because the oil and gas industry isn't going away any time soon, the executive chairman of Oklahoma City-based Continental Resources said Monday.
Speaking at the American Energy Security Summit, Continental's Harold Hammwanted the discussion at the summit to be about smart energy policy, according to a Bloomberg News report.
“It’s about IQ instead of EQ, as I call it — the intelligence quotient instead of the emotional quotient,” Hamm said. “We’ve got to be smart about energy. If we can get our act together here, the better off the whole world will be."
In the Bloomberg report, Hamm said he expected the nation's need for petroleum-based energy would not change in the coming decades, despite the push for alternatives. “All the studies that have been done show that we’re going to be on oil and gas for the next hundred years,” Hamm said.
Biden administration policy on drilling on federal lands increased energy costs, Harold Hamm says
Hamm also criticized the Biden administration's policy that governs drilling on federal land. During a reception Sunday evening for those attending the summit, Hamm said there should be a full-on resumption of oil drilling permits on federal land. He said losing the ability to drill on federal lands has increased energy costs.
“When the federal leases were pulled off the table with this latest administration, it took a full year just to modify everybody’s drilling plans,” Hamm said. “Everything you planned that you’re going to do, if you can’t get permits, you have to basically go to plan B, and plan B is not a good plan.”
In July, the Biden administration proposed changes to the federal rules that covered drilling on federal lands. Officials with the U.S. Department of the Interior said they wanted to increase the royalties paid by fossil fuel companies to drill. The change, which would be the first since 1920, also would increase the cost of bonds the drilling companies have to pay upfront before starting a well.
More:How Harold Hamm helped start the shale revolution and why he didn't join the Trump Cabinet
The Interior Department estimated the change would increase other fees for drilling on public lands and would increase the cost to fossil fuel companies by about $1.8 billion between now and 2031.
Hamm's presentations on Sunday and Monday were part of the American Energy Security Summit, which was billed as the first of its kind in the country. The event, sponsored by the Hamm Institute for American Energy at Oklahoma State University, featured state and national political leaders, including U.S. Sen. James Lankford and Gov. Kevin Stitt. Also attending were Nikki Haley, former U.S. ambassador to the United Nations; Mike Pompeo, former U.S. secretary of state; Dan Brouillette, former U.S. secretary of energy; and representatives of several U.S. oil companies.
Lankford, Oklahoma's senior U.S. senator, welcomed the group Sunday. "We’re glad you actually got here today to see what’s going on in the center of the energy universe," he said.