(Bloomberg) -- Harold Hamm, a shale billionaire and significant donor to President Donald Trump, said his company Continental Resources is committing to only buy oilfield equipment made in the U.S. — even if it costs more.
Hamm, a geologist who invented sideways drilling in oilfields, said he studied how tariffs would impact his business and was surprised to learn how much of his equipment was made internationally.
“We came to the conclusion that this was not right,” Hamm said in a Bloomberg Television interview, “We’re going to have a preference to buy American again. We always had that — but somehow we lost it.”
The U.S. oil industry is grappling with lower crude prices and higher costs brought on by tariffs around the world. The spot price of steel that lines the inside of U.S. oil wells, for instance, is up by more than a third this year.
“If you can’t get it, we won’t do it for a while,” Hamm said of US-made oilfield gear. “We’re very committed to make that happen.”
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