Oklahoma oil billionaire Harold Hamm, founder and CEO of Continental Resources, says no: “It’s not critical any longer… They just waited too long. The industry is very innovative, and it finds other ways of doing it and other routes.”
Hamm said two years ago was the turning point when the pipeline became unnecessary to get oil out of the Bakken and Three Forks region of Western North Dakota and Eastern Montana. These formations have produced a record 756,980 barrels of oil a day, up from fewer than 70,000 barrels of oil a day in June 2008. Oil production records are being broken both monthly and yearly.
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