Skip navigation

Current DateTime: 04:19:03 06 Jul 2009
LinksList Documentid: 24355697
  • Collection of Michael Jackson

      Earlier this year, Jackson sought to auction his personal items. Although it never came through, here's a look at what was almost sold.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.

  • How Much For A T-Bone Steak?

      From the cost of a T-bone steak to a monthly phone bill, the price for everyday items can vary dramatically across the country.


Current DateTime: 04:19:03 06 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

Top Oil Executive: 'Quit Rhetoric' On Energy Policy
By: By CNBC.com | 15 Jul 2008 | 08:09 AM ET
Text Size

Congress should follow President Bush’s lead in opening up the outer continental shelf to oil and gas exploration and seek other non-partisan solutions the nation’s urgent and substantial energy needs, an oil industry veteran tells CNBC.

“It’s an American problem,” said John Hoffmeister, former CEO and president of Shell Oil's US operations, adding that the powers that be in Washington need to “quit the rhetoric and get on to solutions.”

Hoffmeister’s endorsement of the president’s decision to lift the existing executive order barring activity in the area known as OCS comes amid heightened debate about how the US will satisfy its energy demand as crude oil and gasoline prices continue their seemingly endless ascent.

In his public comments Monday, Pres. Bush said the OSC is capable of producing ten years of oil, based on existing US output, which currently represents about one-third of the 21 million barrels of oil the nation consumes daily.

The President had previously called upon Congress to repeal legislation barring activity in those areas as well as the Arctic National Wildlife Reserve, known as ANWR, which is supposedly capably of producing about 1 million barrels a day.

Hoffmeister, who recently left the company to found the non-profit group, Citizens for Affordable Energy, also stressed that both the Congress and the President need to adopt a sense of urgency and think in “energy time,” not political time, stressing that exploration and development takes years.

“Seven to ten years is like a couple weeks to them,” he said. “This twenty looks at 25-40 year cycles.”

Critics of the President’s proposal – which includes Congressional Democrats – often dismiss new drilling because of it’s the long lead time involved.

“In real time, it will not make any material difference,“ admitted Hoffmeister, but was quick to add that such short-term thinking has helped lead to the nation’s predicament.

“For thirty years we have been denying industry the capability to expand, “ he said. Americans are paying the price of years of not wanting to increase their natural resources.”

Hoffmeister also played down criticism of the industry’s unwillingness to actively pursue existing leases elsewhere in the country, saying their prospects were low, “so you don’t drill.”

© 2008 CNBC.com
Tools:
Print EmailAdd This share icon


Current DateTime: 01:39:54 06 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:05:27 06 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 01:10:27 06 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:05:27 06 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters