I’ve always felt bad for Harold Hamm. First his wife divorced him and won a billion dollar settlement. Then the oil markets imploded, at a time when he had no hedges. The result has been devastating to CLR, as lower prices ravaged a once proud and powerful oil company.
In a CNBC interview today, Harold Hamm discussed the state of the oil markets and how the Saudi’s made a ‘monumental mistake’, a ‘trillion dollar mistake’, by flooding the market with oil. He thinks, ultimately, oil trades back into the $50’s, once supply and demand set the market straight.
Click here to see interview.
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One thing Saudis love more than accumulating billions is destroying other people’s ability to make billions.
They are concerned about their security. An energy secure America isn’t necessarily in their interest.