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Gas prices could climb due to Gulf spill impact

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Posted: Oct 26, 2010 5:39 PM by Mike Steele
Updated: Oct 26, 2010 5:39 PM
Source: WBRZ

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Topics: Hofmeister, oil, energy, Gulf, spill, Shell Oil, drilling, Scott, jobs

Former Shell Oil President John Hofmeister said the U.S. is heading for an energy abyss, and fallout from the Deepwater Horizon spill will speed up the problems.

Hofmeister said he predicts new drilling permits for the Gulf will not be approved by Washington, which will cause oil reserves to drop. That will send the price of gas up to 2007 or 2008 levels.

Economist Dr. Loren Scott said the lack of drilling could also cost the state jobs. He said a report released this month supports Hofmeister's prediction that drilling in the Gulf will decrease for 2011 and 2012.

Hofmeister said other factors are leading to a national energy crisis. He said oil companies need to do a better job of communicating with the public about energy-related issues, and improvements need to be made to our energy infrastructure to meet growning demands. He also said an independent agency should be created to handle energy policy, which would help keep politics out of the decision making.

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