In a rather unconventional warning, Continental Resources chief executive Harold Hamm said on Wednesday that should the U.S. oil industry embark on another spending spree, it could “kill” the market. Speaking at the CERAWeek conference in Houston – one of the largest gatherings of oil executives and ministers, including this year Saudi Arabia’s oil minister Khalid Al-Falih – Hamm said that U.S. crude oil output “could go pretty high”. But Hamm was quick to add, as quoted by Bloomberg : “But it’s going to have to be done in a measured way, or else we kill the market.” The warning of Hamm came on the day in which WTI prices plunged 5 percent, to below US$50 for the first time since December amid concerns over record-breaking inventories in the U.S. Many U.S. companies have announced higher spending plans for this year, having seen prices stable above US$50. Hamm’s Continental […]