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Old 02-13-2012, 09:03 AM  
KILLER_CLOWN KILLER_CLOWN is offline
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Get Ready for $5 Gas This Year: Ex-Shell CEO

Published: Friday, 10 Feb 2012 | 12:36 PM ET
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By: Margo D. Beller

Get ready to pay $5 a gallon for gasoline this year.

John Hofmeister, founder of Citizens for Affordable Energy and the former CEO of Shell Oil’s U.S. operations, warned that there is a “better than 50 percent chance” the price of gas will spike on continued heavy demand in emerging markets and weak public policy at home.

He also sees West Texas crude prices touching “the midteens to $120 a barrel some time this year.”

“What’s really unprecedented is developing countries, particularly China and India, have this insatiable need for more oil and that has not been taken into account when we think of public policy in this country,” he said.

“So while we may be producing a bit more oil in this country, and while demand is down a bit, on a global basis I’m afraid we face a continuing onslaught of prices creeping ever higher,” he said. “I hope I’m wrong on this. I'd love to be wrong on this.”

Hofmeister, a CNBC contributor, spoke Friday, the same day the International Energy Agency cut its oil growth demand forecast for a sixth straight month because of the weak global economy. He disagreed with the IEA, saying “demand is still growing” at a time when East Coast refineries are closing because of declining margins and the uncertainty in the Persian Gulf heats up.

Hofmeister is not the first to predict rising gas prices, although others have forecast a rise to $4 a gallon.

He said while the Obama administration “is doing victory laps” about new rules to raise domestic energy production, there are still permitting delays for oil drilling in the Gulf of Mexico. The possibly temporary defeat of TransCanada’s [TRP 41.73 0.20 (+0.48%) ] Keystone Pipeline project throws in another monkey wrench. In short, there should be more domestic drilling, not less, and the administration has done little to encourage it, Hofmeister said.

“We have not had the kind of public policy support for domestic natural resource production increases that would carry through into market prices in the United States given the global demand and geopolitical uncertainty that comes out of the [Persian] Gulf daily,” he said.

http://www.cnbc.com/id/46342617

It's a good thing Ron Paul is being ignored, we don't need any kind of reform just keep doing what we're doing.
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Old 02-13-2012, 09:16 AM   #2
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Quote:
Originally Posted by KILLER_CLOWN View Post
Published: Friday, 10 Feb 2012 | 12:36 PM ET
Text Size
By: Margo D. Beller

Get ready to pay $5 a gallon for gasoline this year.

John Hofmeister, founder of Citizens for Affordable Energy and the former CEO of Shell Oil’s U.S. operations, warned that there is a “better than 50 percent chance” the price of gas will spike on continued heavy demand in emerging markets and weak public policy at home.

He also sees West Texas crude prices touching “the midteens to $120 a barrel some time this year.”

“What’s really unprecedented is developing countries, particularly China and India, have this insatiable need for more oil and that has not been taken into account when we think of public policy in this country,” he said.

“So while we may be producing a bit more oil in this country, and while demand is down a bit, on a global basis I’m afraid we face a continuing onslaught of prices creeping ever higher,” he said. “I hope I’m wrong on this. I'd love to be wrong on this.”

Hofmeister, a CNBC contributor, spoke Friday, the same day the International Energy Agency cut its oil growth demand forecast for a sixth straight month because of the weak global economy. He disagreed with the IEA, saying “demand is still growing” at a time when East Coast refineries are closing because of declining margins and the uncertainty in the Persian Gulf heats up.

Hofmeister is not the first to predict rising gas prices, although others have forecast a rise to $4 a gallon.

He said while the Obama administration “is doing victory laps” about new rules to raise domestic energy production, there are still permitting delays for oil drilling in the Gulf of Mexico. The possibly temporary defeat of TransCanada’s [TRP 41.73 0.20 (+0.48%) ] Keystone Pipeline project throws in another monkey wrench. In short, there should be more domestic drilling, not less, and the administration has done little to encourage it, Hofmeister said.

“We have not had the kind of public policy support for domestic natural resource production increases that would carry through into market prices in the United States given the global demand and geopolitical uncertainty that comes out of the [Persian] Gulf daily,” he said.

http://www.cnbc.com/id/46342617

It's a good thing Ron Paul is being ignored, we don't need any kind of reform just keep doing what we're doing.
$120/barrel doesn't equate to $5 gasoline. Not even close.
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Old 02-13-2012, 09:19 AM   #3
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Originally Posted by Donger View Post
$120/barrel doesn't equate to $5 gasoline. Not even close.
It's important to start setting really high expectations so that when gas only hits $4 or $4.50 this summer, Obama will be able to play the role of savior.
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Old 02-13-2012, 09:22 AM   #4
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How much oil could the US produce if there was no restrictions?
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Old 02-13-2012, 09:27 AM   #5
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Originally Posted by dirk digler View Post
How much oil could the US produce if there was no restrictions?
That's a complicated question and a complicated answer.

We have a massive reserves that could be tapped: OCS, ANWR and Green River, etc.

If we went after those, how much and how soon? Probably enough to completely supply us for 50 years or so. How soon? Years away at best.
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Old 02-13-2012, 09:30 AM   #6
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Originally Posted by Donger View Post
That's a complicated question and a complicated answer.

We have a massive reserves that could be tapped: OCS, ANWR and Green River, etc.

If we went after those, how much and how soon? Probably enough to completely supply us for 50 years or so. How soon? Years away at best.
Thanks. I was basically wanting to know if we tapped all our oil reserves in this country would we be self sufficient or would we still have to import oil from the ME? It is an honest question because I really don't know.
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Old 02-13-2012, 09:33 AM   #7
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Originally Posted by dirk digler View Post
Thanks. I was basically wanting to know if we tapped all our oil reserves in this country would we be self sufficient or would we still have to import oil from the ME? It is an honest question because I really don't know.
Yes, we could. But, not for very long (big picture time frame, that is).
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Old 02-13-2012, 09:36 AM   #8
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Originally Posted by Donger View Post
Yes, we could. But, not for very long (big picture time frame, that is).
Interesting..thanks.
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Old 02-13-2012, 10:43 AM   #9
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Originally Posted by patteeu View Post
It's important to start setting really high expectations so that when gas only hits $4 or $4.50 this summer, Obama will be able to play the role of savior.
You know this statement is probably being taken as just witty, but it has substance that I've noticed about the way this administration does politics.

Take the HHS debacle recently. Does anyone think Obama and his team didn't know that requiring all employers to pay for contraceptives wouldn't have the Catholic Church up in arms? Of course they did. They may have even leaked it prior to announcing it so the bishops could pounce on them. Then they let the opposition ring out about protecting First Amendment rights and SURPRISE! the Obama administration changes it's policy to say that insurance companies will pay for the contraceptives, not the employer.

In that one move, he addresses the first amendment problem of religion and upsets his base for 'caving' to the religous right. However, he got what he wanted all along, which is complete universal coverage of contraceptives. Many Catholics are just grateful he didn't require them to directly pay for it, while his base still gets widely distributed contraceptives, and he comes off as being the grand compromiser.

Meanwhile the media hub-hub over this "compromise" has lost its sex appeal and the fact that this ridiculous overeach by the executive branch is requiring a private company to provide a product or service is not being talked about.

This trend plays over time and again with this administration that it can't be a mistake. He appears to overreach, gets called out, then compromises to a position that he wanted along and the oppostion is just grateful that he didn't get what he wanted (or so they think).
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Old 02-13-2012, 10:46 AM   #10
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Originally Posted by donkhater View Post
You know this statement is probably being taken as just witty, but it has substance that I've noticed about the way this administration does politics.

Take the HHS debacle recently. Does anyone think Obama and his team didn't know that requiring all employers to pay for contraceptives wouldn't have the Catholic Church up in arms? Of course they did. They may have even leaked it prior to announcing it so the bishops could pounce on them. Then they let the opposition ring out about protecting First Amendment rights and SURPRISE! the Obama administration changes it's policy to say that insurance companies will pay for the contraceptives, not the employer.

In that one move, he addresses the First amendment problem of religon and upsets his base for 'caving' to the religous right. However, he got what he wanted all along, which is complete universal coverage of contraceptives. Many Catholics are just grateful he didn't require them to directly pay for it, while his base still gets widely distributed concraceptives, and he comes off as bing the grand compromiser.

Meanwhile the media hub-hub over this "compromise" has lost its sex appeal and the fact that ridiculous overeach by the executive branch is requiring a private company to provide a product or service is not being talked about.

This trend plays over time and again with this administration that it can't be a mistake. He appears to overreach, gets called out, then compromises to a position that he wanted along and the oppostion is just grateful that he didn't get what he wanted (or so they think).
You might be right about how it was taken, but I was actually serious.
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Old 02-13-2012, 11:02 AM   #11
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Originally Posted by patteeu View Post
It's important to start setting really high expectations so that when gas only hits $4 or $4.50 this summer, Obama will be able to play the role of savior.
Really? An ex-COO for Shell is setting expectations for Obama and the US? The bep-ification of patty continues.
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Old 02-13-2012, 11:30 AM   #12
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Really? An ex-COO for Shell is setting expectations for Obama and the US? The bep-ification of patty continues.
Yeah, really. Check opensecrets.org:

Quote:
Presidential Donor Lookup Results
2 records found in 0.155 seconds.
Total for this search: $5,000

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Donor name: Hofmeister, John
Donor State: TX
Cycle selected: 2012
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Obama, Barack - Hofmeister, John - Houston,TX 77019 - Citizens for Affordable Energy - 10/28/11 - $2,500
Obama, Barack - Hofmeister, John - Houston,TX 77019 - Citizens for Affordable Energy - 10/28/11 - $2,500
I don't know for sure that he's doing this to set expectations, but you can't discount the possibility.
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Old 02-13-2012, 11:34 AM   #13
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Originally Posted by donkhater View Post
You know this statement is probably being taken as just witty, but it has substance that I've noticed about the way this administration does politics.

Take the HHS debacle recently. Does anyone think Obama and his team didn't know that requiring all employers to pay for contraceptives wouldn't have the Catholic Church up in arms? Of course they did. They may have even leaked it prior to announcing it so the bishops could pounce on them. Then they let the opposition ring out about protecting First Amendment rights and SURPRISE! the Obama administration changes it's policy to say that insurance companies will pay for the contraceptives, not the employer.

In that one move, he addresses the first amendment problem of religion and upsets his base for 'caving' to the religous right. However, he got what he wanted all along, which is complete universal coverage of contraceptives. Many Catholics are just grateful he didn't require them to directly pay for it, while his base still gets widely distributed contraceptives, and he comes off as being the grand compromiser.

Meanwhile the media hub-hub over this "compromise" has lost its sex appeal and the fact that this ridiculous overeach by the executive branch is requiring a private company to provide a product or service is not being talked about.

This trend plays over time and again with this administration that it can't be a mistake. He appears to overreach, gets called out, then compromises to a position that he wanted along and the oppostion is just grateful that he didn't get what he wanted (or so they think).
Sounds like good strategy. And in this particular case, it may light a fire under the Santorum bandwagon
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Old 02-13-2012, 11:48 AM   #14
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Originally Posted by patteeu View Post
Yeah, really. Check opensecrets.org:



I don't know for sure that he's doing this to set expectations, but you can't discount the possibility.
you're going to have a stroke when obama's reelected.
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Old 02-13-2012, 11:49 AM   #15
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$120/barrel doesn't equate to $5 gasoline. Not even close.
This point totally overlooks wall street, and their affect on future stocks. They could easily push oil up and past the $120/barrel just like they did in 08.
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