Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

Reveal Navigation

Former Shell Oil CEO Says Americans Will Pay Record Gas Prices This Year Former Shell Oil CEO Says Americans Will Pay Record Gas Prices Th... Former Shell Oil CEO Says Americans Will Pay Record Gas Prices This Ye... Former Shell Oil CEO Says...

share
This ad will end in seconds
 
Close X

Not a member? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

Homepage / Sunday Shows

Former Shell Oil CEO Says Americans Will Pay Record Gas Prices This Year

photo of Alexandra  Jaffe
February 26, 2012

Former Shell Oil CEO and founder of the non-profit Citizens for Affordable Energy John Hofmeister warned that this year, Americans are likely to pay the highest average price for gasoline in history, but cautioned that the U.S. could not rely on tapping the strategic oil reserve to solve the problem.

“In 2011, we paid the highest average price throughout the year in our history,” he said on CNN’s State of the Union. “2012 will beat that average price of 2011 by some factor. 2013 could get even worse. We really have to get on with fixing the problem.”

Hofmeister said that part of the problem is that China’s demand for oil is so high, which diminishes worldwide supply, but that the U.S. needs to do more to boost oil production and support cars with flex-fuel engines.

 

Though the Obama Administration tapped the strategic reserve last year, and recently indicated a willingness to do so again, Hofmeister cautioned that such an action would be both harmful to national security and unlikely to reduce the problem.

“You can't take the reserve down far enough without jeopardizing national security, and just a million or two million [gallons of oil] here or there, it's not going to make a big difference,” he said.

See all NJ’s Sunday show coverage | Get Sunday show coverage in your inbox

Get us in your feed.
 
Comments
comments powered by Disqus