NEW YORK (AP) — Oil executive Harold Hamm expects the price of oil to rise to about $60 by the end of the year as companies in North Dakota, Texas and elsewhere cut production and whittle down the current glut in the market.
Oil fell to $30 this week, a 12-year low, down 72 percent from $107 in June 2014. Hamm believes oil is at an inflection point, though he wouldn’t predict the price has bottomed.
Hamm’s Continental Resources Inc. helped lead a renaissance in the U.S. oil industry through the use of horizontal drilling to free oil trapped in shale rock. U.S. oil production rose from 5 million barrels in 2008 to nearly 10 million last year.
Low oil prices have been a boon to consumers, with average gas prices now below $2.
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