Shell exec: Oil prices could continue to rise

[sabra]

Source: NBC TODAYShow

Unless Congress allows expanded drilling on the outer continental shelf of the United States, fuel prices are going to continue to increase, the head of the Shell Oil Company told TODAY.

“If we don’t bring more oil and gas into the system we’re going to have to pay more and more and more,” Shell President John Hofmeister told TODAY host Meredith Vieira. “I’d hate to see prices double and triple what they are today because we failed to explore for more gas and oil.”

Hofmeister, who last visited TODAY a year ago, is in the midst of a 50-city “listening tour” he began a year ago to address the public’s anger with the high price of energy and the huge profits being reaped by oil companies. Public opinion polls have ranked oil companies last out of 21 industries with an approval rating of 10 to 15 percent.
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“We’ve been to 33 cities since I was here a year ago,” he told Vieira. “We’ve talked to thousands and thousands of people from coast to coast. What they’re saying is, ‘We are angry, we are frustrated, and we’re in fear we’re running out of oil and gas.’”

The good news, he said, is “there’s plenty of oil and gas out there.” But, he added, the oil companies aren’t allowed to go after it.

Read more: http://www.msnbc.msn.com/id/18655550/

[Newsjock]

1. "I'd hate to see ... "

Sure sounds like extortion to me.

[Bigmack]

3. Tony Soprano is a pussy...

compared to those people. He's making thousands... they're making millions.

[phantom power]

2. It would be big fun to watch these guys try to spin peak-fossil....

except that so many people are going to believe the spin.

[louis-t]

4. "De Democraps won't let us drill!!!"

Waaaaaaaaa. This guy is such a liar. Someone needs to ask him why there are so many capped wells in Texas. They can pump all the oil they want out of the ground, but refining capacity is lacking. Oh, you say the large refineries bought out the smaller ones and shut them down to control output and keep oil prices high? You're kidding right? So Shell is on a PR campaign, eh? "Yes, we REALLY, REALLY care about you, we don't want to see you pay higher prices so you HAVE to let us drill in Alaska." Go suck and egg, nobody buys yer crap anymore. Looks like I have to boycott Shell along with Mobil.

[Decruiter]

29. I already boycott Shell...

Easily the highest prices around.

[louis-t]

39. Merely making a point. Haven't been in a Swell station for years.

I buy Citgo whenever I can. Or Sunoco. Or BP (but not if it says "We proudly serve Amoco fuels). Whew!

[durablend]

5. So Mr. Hofmeister...

You want to put more oil and gas onto the market, lowering prices, and therefore, lowering your profits?

Yeah, uh huh...thought so...

:sarcasm:

[HuskiesHowls]

6. Gas prices are setting record highs.....

I heard this story on MSNBC this morning. Later, listening to NPR, in the car, they had a little more to add to the story.
They said that gas prices are higher than they were a year ago, after Hurricane Katrina, BUT THE PRICE OF CRUDE IS $10 LOWER THAN IT WAS THEN!!!!

Now, if the price of crude is lower NOW, why is gas so HIGH???

As I wrote on another thread, they've got to get their record profits before Congress starts investigating them!!

[madrchsod]

8. refining capacity and greed is the two big problems

[Jersey Ginny]

24. Consumption is the biggest problem

The US consumed a record amount of gas in April. Prices need to GO UP MORE if we are to make meaningful changes to the cars we drive and the way we consume petroleum products. I'd like to see $5 a gallon as it would wake up americans and provide an opportunity to make positive changes regarding our oil consumption patterns, global warming, and energy security.

[tabasco]

27. No, the biggest problem is that these are the assholes in charge of our country.

They have used their massive profits to fight against auto mpg standards, public transport, and alternative fuels, with the assistance of the Bush mafia. I don't know a lot of people who are not stingy with their gas use. Then again, I don't know a lot of rich people here in Frost, WV.

[NickB79]

30. Are they the ones who forced millions to buy SUV's and trucks?

Anyone hold a gun to their heads? No. There have been fuel-efficient cars for sale since the 1970's, yet millions of Americans bought trucks and SUV's instead. We dug our own graves by thinking there would be $1/gal. gas until the end of time, when any moron should know it will start running low someday.

Today is that day.

[tabasco]

31. Gas was a buck fifty just seven years ago.

People drove SUVs then too. Prices have more than doubled in seven years. Has consumption doubled?

Do you believe the Bush oil mafia is blameless in the rise in gas prices? That is naive IMO.

Why do you think we are in Iraq? To spread democracy and find WMDs?

A - to allow the robber barons more control of oil prices.

I agree that a lot of people are wasteful, driving gas hogs, but that is why it has hurt so much that oil companies have worked so hard against conservation. That is where the government should act in the public interest to enforce conservation for the common good. But the big money is in the driver's seat now and conservation is not on the agenda.

[NickB79]

40. My point is that if we have to wait until the government does something, we're screwed

Our government can't even help people in natural disasters, much less make sweeping changes to one of the cornerstones of it's economy, the auto industry. Hell, Bush still has his thumb up his ass about global warming despite the evidence all around us. We can all make significant impacts now, without government intervention, by simply buying fuel-efficient vehicles. Do we need legislature to force us to do that? Is the average American really that stupid?

[area51]

38. gas prices going up

You do realize that as gas prices go up, it will disproportionately affect the poor and elderly; their pain will not make the nazis who run this country change their minds about funding alternative energy.

[notadmblnd]

7. the problem isn't with the amount of oil

the problems is the refineries putting it out. Damn convenient that they can just shut them down anytime they like in order to create false shortages and jack up the price.

[Whoa_Nelly]

10. Also damn convenient that there have been no new refineries built since 1976

"Golly, Mr. and Ms. Consumer! We just don't have enough refineries to keep up with your needs! So, we just GOTTA charge you more so those refineries can stay in business!"

[depakid]

18. Peaking and declining supply = no incentive to invest

in new refineries.

[Thor_MN]

28. Exactly. Who wants to build the last new refinery?

They know that there is going to soon be excess refining capacity as there is be less crude to refine.

[Whoa_Nelly]

9. But...but..I thought "they" said high prices were because of refineries not keeping pace

Not enough oil, or not enough refineries? Either way, the rise in prices is highway robbery, and all we get are more messages of the "Gosh! We can't help it!" variety.

[spanone]

11. I believe it's called EXTORTION.

[AndyTiedye]

12. That's Why They're Jacking Up The Prices So High Now

And they are making it clear that any state that votes against Big Oil will have to pay an extra buck a gallon.

"Localized refinery conditions" my ass.

[Nickster]

13. How can he lie so easily? Do they give classes? Did he have a grin on his face while he was spinning

this tale?

[durablend]

20. Biggest sheepish grin you could imagine

I kid you not!

[Nickster]

25. Color me shocked.......NOT!

[sakabatou]

14. Could?! How about will!

[KansDem]

15. Remember the 1970s? The Alaska pipeline? The end of the Vietnam War?

This time they aren't even trying to hide their deception.

They're lying. We know they're lying. They know we know they're lying. We know they know we know they're lying.

It's all a strange game.



there’s plenty of oil and gas out there.” But, he added, the oil companies aren’t allowed to go after it. Oh? And since when have the oil companies not "been allowed" to do something? :rofl:

[NickB79]

16. US oil production PEAKED in 1970, and has been in decline since

The new wells in Alaska and the Gulf of Mexico both failed to replace the declining mega-wells in Texas and stop the decline. These offshore wells aren't anything but crumbs compared to the old mega-fields.

The party's over, folks. Affordable fuel is going the way of the dodo. Screaming about price gouging and corporate greed won't overcome basic geology, and only serve as scapegoats to the bigger picture.

[depakid]

17. "... the oil companies aren’t allowed to go after it."

What a crock of shit....

Shell payout to settle reserves case - without admitting blame

The proposed settlement has been accepted by several institutional investors based outside the US and a group that represents individual shareholders, it said. They lodged claims against the oil giant after it announced in early 2004 that it was downgrading its reserves by 20%.

http://business.guardian.co.uk/story/0,,2054430,00.html

[Roland99]

19. The sun could rise in the morning and could set in the evening. Film at 11.

[damntexdem]

21. New demands by the terrorists!

What happened to "we won't negotiate with terrorists"? The response should be "until you release the oil prices to drop back down at least a dollar, we won't even talk to you."

;-)

[theophilus]

22. Gasoline prices will continue to rise until we start

using LESS and LESS and LESS of this noxious chemical. We must, as individuals, cut consumption to the point that the Oil Thieves will have no excuse to hike prices. Then they will have to get into fusion and electric cars to make money.

[RL3AO]

23. Ah yes. The president of Shell doesnt want to see oil double! right.

[tabasco]

26. LMAO !

He cares so much.

How about oil companies stop fighting public transportation, auto mpg standards, and alternative fuels, asshole?

[Harper_is_Bush]

32. Let the gas go up. $4 US would be a good price this summer. Let's hope. n/t

[ckramer]

34. That's still cheaper than taking the Boston subway

two dollars subway plus bus fare $1.5 one way, - 7 dollars per day just for commuting to work.

[Harper_is_Bush]

36. Then let's hope it goes to $5 a gallon!!! n/t

[NickB79]

41. How many thousands a year do you pay on auto insurance and repairs?

You must factor that in to see the true cost of owning a car.

If you spend $1500/yr on insurance, oil changes, regular tune-ups, etc, that's $4/day right there.

[YellowRubberDuckie]

33. What they don't tell you...

Is they are exporting most of the oil drilled here in the US....while we import oil from South America and the Middle East. Extortion for nothing. Wow.
Gas Prices and Nuclear War. Damn...what are they going to think of next to blackmail us with?
Duckie

[Initech]

35. So why do they continue to mysteriously shut down these refineries? HUH?

Explain that one, Hofmeister!

[gravity]

37. What do you expect?

He is the president of Shell