Continental Resources (CLR) CEO Harold Hamm said U.S. exports of liquid natural gas to Europe reduce the continent's dependence on Russia and solidify U.S. energy independence, CNBC reported.
Hamm said his company is bullish on natural gas, but Obama-era LNG permit slowdown is hindering it from reaching its full exploration and production potential.
"There is no reason why LNG can't be exported like crude oil," Hamm told CNBC.
Hamm said conflict in the Middle East "provides an opportunity" for the neutral U.S. to fill the gap Qatar's LNG customers face amid regional tensions.
Hamm said he sees natural gas prices above the average $3.50 by the end of the year and enough supply to last for 100 years.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
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