This nation is headed for $5-a-gallon gasoline by 2012 because of ill-conceived energy policies shaped by political whims, warns John Hofmeister, the former CEO of Shell Oil.
In comments made to an energy industry publication, Hofmeister predicted little or no new drilling in the Gulf of Mexico in the wake of the BP oil spill. At the same time, global demand for oil will grow and supplies will become tighter, Hofmeister told Platts Energy Weektelevision during a Platts energy forum in New York.
Since retiring from Shell in 2008, Hofmeister has headed a nonprofit group in Texas called Citizens for Affordable Energy. Hofmeister has criticized both the energy industry and environmentalists for taking one-sided positions. He criticizes politicians for avoiding tough choices to placate voters.