NEW YORK--(BUSINESS WIRE)--Breitling Energy Corporation (OTC:BECC) (“Breilting”) CEO Chris Faulkner provided his oil and gas industry expertise on CNBC’s Street Signs this afternoon, telling the hosts that the current violence in Iraq could raise oil prices by as much as $10 a barrel and continued violence could send prices at the pump up by 20 cents.
“Keep in mind that it’s not just about Iraq,” said Faulkner. “It’s also China building a petroleum reserve, it’s about security concerns in Nigeria, Libyan oil now is nonexistent in the market, and all those things are creating the tailwinds that are pushing the price of oil up. Iraq is just another piece of the story.”
Faulkner noted that the United States is now producing nearly 8.6 million barrels of oil per day, nearly on par with Saudi Arabia, and could further insulate itself from price swings by fully exploring and developing all oil reserves in the country. “I definitely think it’s (the Iraq conflict) going to draw attention back (to U.S. production) and hope that that happens in the very near term,” he said.
Faulkner, who is in New York attending and speaking at New York Energy Week, announced the June 30 release of his new book, The Fracking Truth, yesterday and the June 18 debut of a new documentary he produced called Breaking Free.
About Chris Faulkner:
Author of upcoming book, The Fracking Truth, and producer of the film Breaking Free (premiering at NYEW), Chris Faulkner founded Breitling in 2004 after creating a 3D seismic imaging software program to help identify oil and gas resource plays that would previously have gone undetected. Dubbed by the media as “The Frack Master” for his unwavering defense of hydraulic fracturing, he serves as an advisor to the ECF Asia Shale Committee and sits on the Board of Directors for the North Texas Commission. Faulkner was named to the 2014 “40 under 40” list by the Dallas Business Journal, Industry Leader of the Year in 2013 by the Oil & Gas Awards for the Southwest Region, Oil Executive of the Year in 2013 by the American Energy Research Group, and recognized in the “Dallas Who’s Who in Energy” in 2012 and 2013.
About Breitling Energy Corporation:
Breitling Energy Corporation (OTC: BECC) is a growing energy company based in Dallas, Texas engaged in the acquisition of lower risk onshore oil and gas properties and the exploration and development of such properties. It intends to utilize a combination of acquisitions and growth through the drill-bit to increase reserve and production value. Its oil and gas operations are focused primarily in the Permian Basin of Texas and the Mississippi oil window of southern Kansas. It also has various properties in North Dakota, Oklahoma and Mississippi. More information can be found on the website: www.breitlingenergy.com.