(Fox News December 27, 2010) The former CEO of Shell Oil is predicting that gasoline prices will top $5.00 per-gallon by 2012 and by decade's end we will face the 1970's style energy shortages and rationing. I recall as a young boy during the 1970's when my dad had to search around for a gas station for fuel because some gas pumps had a sign that said "out of gas". According to John Hofmeister, we will eventually see a repeat of that at the end of this decade. Energy analysts are tossing out a string of frightening predictions about the rising price of oil in the short term. Crude oil has already topped $90 dollars a barrel and JP Morgan & Chase Co. predicted earlier this month that oil could top $120 a barrel by the end of 2012. As of present, the national average price of gasoline is $3.00 per gallon.
Former Shell executive John Hofmeister offered a more aggressive estimate stating that Americans could be paying $5 a gallon for gasoline in 2012. Hofmeister also predicted that sometime between the years 2018 and 2020 supply and demand will become so imbalanced that gas stations in several parts of the country may begin running out of fuel. "I think it's going to be a cumulative problem that won't happen suddenly," declared Hofmeister to Fox News.com. Hofmeister now heads Citizens for Affordable Energy. He predicted the problem would begin with "stockouts" at select gas stations during the summer and during bad weather and then spread. He claimed states that are the furtherest from oil refineries would be hit the worst and than in order to maintain some consistency, local and state governments might resort to the kind of price rationing tactics that were used in the '70's. Drivers with even-numbered license plates would purchase fuel on even days, and vice versa.
Hofmeister, who earlier aired his concerns on Platts Energy Week, criticized the administration for cracking down on domestic oil drilling in the wake of the massive Gulf Oil Spill which began on April 20 and lasted until July. "It is pure politics that keeps us drilling more of our own resources," he said. He couldn't be further from the truth. I mentioned on a post that I wrote entitled, "The Gulf Coast Oil Spill" that I believed the administration was looking for an excuse to exploit the Gulf spill crisis. I felt the administration would use this incident as an excuse to pass the cap and trade bill in Congress or to place a moratorium on further domestic oil drilling in the United States. As of present, the Obama administration has refused to pursue any new drilling off the East Coast and the Eastern Gulf of Mexico. The Interior Department has announced the administration wouldn't be pursuing any new drilling for at least seven years. Planned lease sales have been pushed off until late 2011 or early 2012.
"As a result of the Deepwater Horizon Spill we learned a number of lessons, most importantly we need to proceed with caution and focus on creating a more stringent regulatory regime," according to Interior Secretary Ken Salazar. He calls the plan a new careful, responsible path. The only problem is BP payed off the federal government from giving BP an honest, safety inspection. The oil companies own our political elite, not vice versa. All this talk about a stringent, regulatory regime is an excuse for the government to not allow oil companies to drill for more oil. The Obama administration is about limiting our choices to drill for more oil to increase the oil supply. The government wants to limit our supply of oil and as a result force the United States to send its dollars to the Middle East to purchase more oil. The Obama administration is trying to force the United States off oil and trying to implement all this new green technology.
It's a travesty the position the elected elite has placed our country in. Ever since the Oil Embargo of 1973, the United States should've developed energy alternatives such as nuclear power as well as increase our supply of oil reserves in this country. The truth of the matter is our politicians have been bought off by the multinational oil companies. The powers that be don't want America to utilize the abundant resources we have at our disposal to drill for our own oil as well as develop nuclear power plants for electricity purposes. The ruling elite want to control the choices we have in this country when it comes to energy. Gas prices have been rising nearly a dollar within the last couple of months and it will continue rising. Our elected elite don't care. It's all part of the new world agenda to collapse America's economy and reduce the United States to a Third World status.
There's a lot of oil that can be tapped from the Bakkan formation under North and South Dakota and parts of Montana than is in all of the Middle East. Yet our politicians refuse to allow the private sector to tap into that oil so we can wean ourselves from purchasing foreign oil as well as driving the price of oil and gasoline down. The elected elite are trying to dictate the the cost of oil in this country. This is inexcusable. The elected elite are incrementally implementing a command economy in our midst where the government; not the marketplace, dictates the price of oil as well as supply and demand. This didn't begin with the Obama administration. Oil prices skyrocketed during the Bush administration and he didn't use antitrust laws to break up the monopoly of Big Oil. The reason being is Big Oil donates to the political coffers of our politicians; Democrat and Republican. These oil companies are in bed with the politicians inWashington. The oil titans are the ones dictating the energy policy in America. Enough is enough! We need to drill in the Bakkan formation as well as develop alternative energy sources such as nuclear power and any other energy source. The American public doesn't favor OPEC and the Middle East controlling our nation's economic destiny. It's time for new drilling to begin!
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