Former Shell Chief: No Surprise in OPEC Production Decision

Thursday, 09 Jun 2011 05:12 AM

By Hiram Reisner

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Former Shell Oil President John Hofmeister says he is not surprised OPEC announced  it will keep production levels where they are and the only way to reduce U.S. dependence on foreign oil is for Americans to pressure the government to implement a coherent energy policy and produce more domestic energy.
 
Hofmeister also told Fox News’ Neal Cavuto Wednesday that President Barack Obama has no influence on the Organization of Petroleum Exporting Countries and if he thinks he does “he better rethink how much authority he really has.”
 
On Wednesday, OPEC went against analysts’ predictions and unexpectedly decided not to boost production in an effort to cool off oil prices and take some pressure off the world economy.

“Well, I don’t think there was any chance that OPEC was going to reach agreement, any more than our United States Congress is going to reach agreement on an energy policy,” Hofmeister said. “Neil, consumers have got to take this into their own hands. The only solution is for consumers to demand that this government, the United States government, get to work on an energy policy that produces more domestic energy. OPEC is not going to take care of us.
 
“It’s the American voter, the American consumer, that has the most at risk, the most to gain from a government that does what the people need, which is produce more domestic energy,” he said.
 
Hofmeister said the 12-member oil group is divided amongst themselves, with the “truly anti- American crowd, the Venezuelans, the Iranians, and others, against the more statesmanlike group, like the Saudis and the UAE and some others, who are trying to talk some rational economic sense, but there is no outcome that is going to benefit consumers any time soon.”
 

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Biden Heads to Ukraine as Tensions Rise

Monday, 21 Apr 2014 06:02 AM

Vice President Joe Biden is heading to Ukraine to meet with leaders of the turbulent country.Biden's visit comes a day a . . .

Faithful Prepare to Celebrate Canonization of 2 Beloved Popes

Saturday, 19 Apr 2014 20:35 PM

Rome is "ready, very ready" for the canonization of former Popes John Paul II and John XXIII, the Eternal City's mayor,  . . .

Kristol, Dershowitz Slam Effort to Rig Electoral College

Saturday, 19 Apr 2014 19:37 PM

Conservatives slammed the campaign to effectively end the Electoral College's role in presidential elections, saying tha . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved