Continental's Hamm says export crude to punish Russia, boost energy security

|About: Continental Resources, Inc. (CLR)|By:, SA News Editor

The quickest way for the U.S. to weaken Russia’s influence and help allies abroad is by exporting its crude oil - not its gas - Continental Resources (CLR) CEO Harold Hamm told lawmakers today.

Sending natural gas overseas requires the construction of multibillion-dollar facilities, and only one such liquefied natural gas export terminal exists in Alaska and another is being constructed in Louisiana; it could be years before others are online, the CEO said, but crude oil can be immediately put into tankers and transported around the globe.

Hamm, of course, could benefit from an easing of the export ban by selling more of the crude from the Bakken North Dakota oil fields, where CLR is the biggest leaseholder.