Posted on 07/15/2008 2:15:34 PM PDT by Rufus2007
The consequences for federal restrictions on oil and gas exploration go beyond just higher gas prices, interfering with the basic free-market principle of allowing enterprise to meet demand by providing a supply, according to former Shell Oil CEO John Hofmeister.
Hofmeister, who is the founder and CEO of the recently-formed advocacy group Citizens for Affordable Energy, appeared on CNBC’s July 15 “Squawk Box.” He criticized government for 30 years of inaction.
“I think if you look at it in real time – looking at it in this month, next month, the following month, the answer is no – it’s not going to make any material difference [in energy prices],” Hofmeister said of proposals to lift restriction of offshore drilling.
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
Shell got into some trouble when they provided a reasonable estimate of their oil reserves, then couldn’t back it up because not all of it had been drilled and proven. I think there were even some lawsuits by stockholders who claimed they bought stock based on a Shell exec’s speculative remarks. Thus, only after leaving the company can an executive sound off.
I said the same thing and no one heard. The gobment is interfering with the smooth flow of commerce.
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