A conversation with the man who predicted $6 gas

Published: Sep. 20, 2022 at 5:33 PM CDT
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BISMARCK, N.D. (KFYR) - Gas prices have fallen from historic highs earlier this year, but they’re still more than a dollar higher than they were a year ago today. Tuesday, Your News Leader spoke to someone who predicted historic high gas prices two years ago.

Six-dollar gas. When Harold Hamm, the oil man who played a large role in bringing horizontal drilling to the Bakken, gave that prediction in October 2020, it seemed like hyperbole. But in June of this year, states like California saw the average price for a gallon of regular unleaded soar to $6.43. So, when Your News Leader met Harold Hamm on Tuesday, the obvious question was: how did you know?

“$6.00 gas if Joe Biden is elected president,” was the bet. Harold Hamm says candidate Joe Biden’s proposed energy policies led to the prediction.

“When you purposely put policies in that’s going to limit the supply, you’re going to drive the prices of commodities up,” said Harold Hamm.

As an example, he cited President Biden’s moratorium on federal oil and gas land leases.

“Even before those were instituted, just based on what they said they were going to do, you knew those commodity prices were going to climb. So, this is economics 101. There wasn’t a big vision on that one,” he said.

As for the future, he says the best way to lower gas prices is to restore energy independence in America again.

“We’re very close to being independent right now, and we could easily gain it back. All we have to do is pull back some of those policies and regulations that they’ve put on us, and we can certainly achieve it,” said Hamm.

Mr. Hamm also raised concern over what he called a political decision by the Biden administration to release oil from the strategic petroleum reserve.

Mr. Hamm was in Bismarck Tuesday to celebrate the recently-renovated Hamm School of Engineering.