Continental Resources Inc. CEO Harold Hamm continues to talk about his vision for North American energy independence.
Hamm appeared Tuesday on CNBC to tout a recent Harris Poll indicating nine out of 10 Americans believe the United States should strive for energy independence.
He said domestic oil production is booming thanks to developments in precision horizontal drilling technology that allows producers to target large reserves of immobile oil.
“We’re talking about North American energy independence in the next 10 years.”
Hamm said continued drilling has allowed producers to boost oil production.
“You have to go out there and poke holes in the ground. We do that every day.”
Hamm said the lack of major U.S. oil plays will prevent producers from creating a glut like the one that has caused natural gas prices to plummet, but he maintained the industry needs continued “tax provisions” favorable to exploration.
“It allows us to go out and fail. And fail again. It was necessary that we did that with the Bakken. Some 18 wells were drilled before it was commercial up there. It’s necessary that we have a tax consequence that will allow us to do that.”
Hamm said the U.S. should work with its neighbors to continue increasing oil production.
He welcomed news that Mexico’s new president may allow private investment in that country’s oil industry for the first time since 1936, while contending the fight over the transcontinental Keystone XL pipeline has not permanently soured the U.S.’s relationship with Canada. which already is a major oil producer.