Shale pioneer Harold Hamm has hit out at the US’s oil deal with communist Venezuela, saying it marked a new sign of “desperation” from the administration of Joe Biden as it tries to beat back fuel inflation.
The US last week said it would allow supermajor Chevron to restart some operations in Venezuela, more than three years after Donald Trump’s administration imposed sanctions on the country’s oil sector. The move could help free up more global crude supplies amid an energy crunch triggered by Russia’s invasion of Ukraine.
“This Venezuelan deal, that’s a good example of the desperation that this administration is dealing with,” said Hamm, the outspoken shale billionaire who founded Continental Resources and previously advised Trump on energy policy.