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Continental Resources CEO Harold Hamm Takes On President Obama’s Energy Policy

CNBC.com

Harold Hamm, CEO of Continental Resources and Mitt Romney’s energy advisor, on Thursday called for increased support of the oil and gas industries as part of a national energy policy.

Responding to President Obama’s comments earlier in the day in which he called his critics part of “the Flat-Earth Society,” Hamm expressed surprise.

“The technology that’s out there today, what we’re doing with horizontal drilling, unlocking a virtual renaissance of new development of oil and gas in this country, I can’t believe the president would say anything like that,” he said. “We’ve obviously brought drilling into another realm, whole new paradigm.”

This month, Hamm, an Oklahoma oil billionaire ranked 36th on Forbes magazine’s list of the 400 wealthiest Americans, was selected to chair Romney’s Energy Policy Advisory Group.

Earlier in the day during an appearance at Prince George’s Community College in Largo, Md., Obama took on his critics.

“Lately, we’ve heard a lot of professional politicians — a lot of the folks who, you know, are running for a certain office, who shall go unnamed — they’ve been talking down new sources of energy. They dismiss wind power. They dismiss solar power. They make jokes about biofuels,” Obama said. “They were against raising fuel standards because apparently they like gas guzzling cars better. We’re trying to move towards the future, and they want to be stuck in the past.”

On “The Kudlow Report,” Hamm spoke about the potential held in the Bakken Shale in north-central North Dakota, which he estimated held 24 billion barrels of oil that “could not have been possible without horizontal drilling.”

Hamm also criticized the idea of releasing supply from the Strategic Petroleum Reserve, something he said should be used for an emergency, not for political expediency.

“That’s not what it’s for,” he said. “What we need to be doing is developing our own resources, becoming less dependent upon foreign oil. And certainly we have the ability to do that today.”

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"The Kudlow Report" airs weeknights at 7 p.m. ET.

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