- Continental Resources (NYSE:CLR) CEO Harold Hamm, an early champion of fracking and other tight oil techniques, has turned against Keystone XL (NYSE:TRP), saying the controversial pipeline which would link Canada’s oil sands production to Gulf of Mexico refiners is no longer needed.
- CLR is one of a handful of U.S. producers to sign up to use the pipeline, but shipping crude by rail has been a very effective way of getting its oil to market, and Keystone may not be needed for the industry in the U.S., Hamm says.
- That's why Keystone is needed, Canada’s ambassador to the U.S. says; pipelines are both safer and cheaper than shipping crude by rail, and release less carbon dioxide than rail, Amb. Gary Doer says.