John Hess Says Shale Oil Close to Peak; Global Warming is Real

John Hess

John Hess, CEO of oil giant Hess Corporation, had some interesting comments at the Argus Americas Crude Summit held yesterday in Houston, Texas. Among those comments is that while U.S. shale is important, it’s “not the next Saudi Arabia.” Hess says major oil shale plays will peak in the next few years and then decline. His strategy is to drill all he can in the Bakken, and then use the money to buy up offshore oil plays.

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