Billionaire oil magnate Harold Hamm has ceased drilling operations in North Dakota’s Bakken shale, citing low margins as oil prices remain near the $50 per barrel range and costs increase.

Good thing we’re taking oil from Venezuela.

If anyone is still wondering whether the Trump Administration’s goal of $50 per barrel oil price would hurt American drillers, the answer came this week from oil tycoon and wildcatter Harold Hamm, who is ceasing drilling operations in North Dakota for the first time in decades.

“This will be the first time in over 30 years that Harold Hamm has not had an operation with drilling rigs in North Dakota,” Hamm, who founded Continental Resources, told Bloomberg in a telephone interview published on Friday.

“There’s no need to drill it when margins are basically gone,” the billionaire oil magnate and Trump donor said.

Hamm first proved in the Bakken shale play in North Dakota that hydraulic fracturing could help unlock huge oil resources in horizontal drilling. The rest is history.