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Former Shell Oil president John Hofmeister weighs in on high gas prices and energy policy.
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I know you better.
Protest movement on -- gas prices right now with the -- seeing.
Here over the last month or so look at 370 gallon you can -- to gain from just a month ago John half Meister former president.
Shell Oil he's with the stuff from down in Florida today if you and commit to see you think this surge continues and if so John for how long.
Well the amazing thing is that we're having a surge at all because the economy is relatively weak.
But it tells us how vulnerable we are to any kind of an economic improvement we'll see prices spike higher rapidly.
The issue is the amount of supply and the world today is simply not enough.
To give assurance to oil traders and oil consumers that we have an ample supply.
Under improving economic circumstances so we saw it drop.
Now we're seeing it go back up it really means that the risk of supply constraint -- is what is forcing oil prices and gasoline prices higher.
And today we get a little bit of and economic well not an economic boost but at least a decent economic number we talked about retail sales and that's probably helping that the price spike that you're seeing in in the oil price at least today now.
Going forward I don't know how much energy is going to be a big issue in the campaign but I do know that both Mitt Romney and President Obama I think.
We'll address it today on the campaign trail.
What do you make of the respective policies especially that the challenger -- Mitt Romney -- picking.
Now Paul Ryan is is running mate -- -- business week wrote this morning that maybe that.
Will ease some of the concerns that conservatives.
I had about Romney's energy policy what's your take.
Well my first concern is we've had four years of -- Willy Nilly none of the above energy policy by the current administration.
It's disappointing that we have gone all of this time without any serious plan -- for the future of energy.
And -- president has laid end with this current lack -- the leadership a guaranteed.
Record consumer prices for gasoline.
Over the next term if he wins a second term do you think there's a serious in the work plan on to make it better.
I think the other side has -- the interest of consumers have mind and remember on the Democrats saying this and it breaks my heart.
But the other side is looking at the near term energy requirements of the United States.
It's looking an opening up new areas of reserves.
Which -- promoted within the administration since they were elected but they chose not to.
Opening up new areas of reserves where we haven't drilled before increasing domestic supplies taking advantage to the natural gas opportunity we have in this country.
And if they're successful they'll have a good plan.
370 now 339 last -- where are -- the the country John half monster formally for the president of Shell Oil thank -- -- Thank you.
