Tags: OPEC | Shell | oil | production | John Hofmeister | energy | policy

Former Shell Chief: No Surprise in OPEC Production Decision

By Hiram Reisner   |  

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.”
 

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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...
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