Harold Hamm on New US Gulf Coast Crude Benchmark

S&P Global Platts on June 26 will introduce American GulfCoast Select, a new benchmark for U.S. crude oil which shale pioneer Harold Hamm helped launch.

Harold Hamm on New US Gulf Coast Crude Benchmark

The launch of the new benchmark “is a real bright spot that helps every producer in America,” said Harold Hamm, chairman and founder of Continental Resources. (Source: Hart Energy)

Like all oil producers, when the price of WTI plunged way below zero as the May contract expired on April 20, Harold Hamm watched in dismay and disbelief. Something was seriously not right. Something was broken.

But unlike others, the chairman and founder of U.S. shale producer Continental Resources Inc., which bills itself as America’s oil champion, sprang into action. “I’m a very positive person and I look for solutions, so I knew we had to do something to make the market work,” Hamm told Hart Energy in an exclusive interview.

Hamm marshaled his forces and became a founding member of the American GulfCoast Select Best Practices Task Force Association. For two months, the group has been talking to large producers, traders, midstream companies, refiners, consultants, the companies that publish commodity benchmark prices and the commodity exchanges—Intercontinental Exchange and Nymex.

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Leslie Haines

Leslie Haines is executive editor-at-large for Oil and Gas Investor. One of the most respected oil and gas industry journalists in the business, she is celebrating more than 30 years at the magazine.