Oil could be headed as high as $150 unless the US boosts its output, says major exploration firm

• Oil prices could hit $150 a barrel unless the US boosts exploration, a top shale executive warned.
• Production could peak in the Permian Basin, said the Continental Resources CEO.
• Other US market commentators have flagged rising oil prices as a major concern for the economy.

Oil prices could be headed as high as $150 a barrel unless the US boosts its exploration efforts, a top shale executive warned.

Once crude oil output in the Permian Basin peaks with no new sources coming online, then a supply squeeze could see "$120 to $150" oil, Continental Resources CEO Doug Lawler told Bloomberg TV on Monday.