From CNBC:
Oil titan Harold Hamm told CNBC on Tuesday: Don't believe the hype. "There's not a glut in the market at all."Mr. Hamm is one of the 50 wealthiest people on the planet which is a good thing as, possibly as early as today, he is about to lose between $7 and $9 billion dollars in the most expensive divorce in U.S. history.
The billionaire founder of Continental Resources took issue with the reason mostly given for crude's slide to multi-year lows, and said he's not cutting production yet. But even if he did, he said, "You don't cap producing wells. What you do is cut back on new drilling."
"What we see here is people projecting next year that we might see [oversupply]," he said in a "Squawk Box" interview. "It would have to be a perfect world to see that. I, frankly, don't believe that's going to happen."
He disputed contentions from Goldman Sachs, which on Sunday predicted oil at $70 a barrel in the U.S. in the second quarter because of oversupply. West Texas Intermediate (WTI) crude was trading $81 in early trading Tuesday after dropping below $80 Monday for the first time since early summer of 2012....MORE
Of course if he loses it it means that the loot wasn't really his to lose, that the wealth is a marital asset and... jeez, I see no upside to my prattling on about divorce law.
