John Hofmeister, the former president of Shell Oil Co. and one of the most influential voices in the oil industry, called for short-term gasoline rationing by introducing odd-even purchases based on an automobile's license plate and by limiting the amount of gasoline drivers can purchase.
The United States will be in "a world of hurt" for the next four to six weeks as the oil industry recovers from the damage from Hurricanes Gustav and Ike, said Mr. Hofmeister, who recently founded a new company, Citizens for Affordable Energy. The areas where rationing will be needed include the Southeast and extend northward toward Denver, the upper Midwest and Washington, D.C., Mr. Hofmeister said in a newsmaker interview Monday morning with editors and reporters of The Washington Times.
Hurricane Ike idled Texas refineries by knocking out their power after Gustav shut down Louisiana refineries for the same reason. Mr. Hofmeister witnessed gas lines while traveling through Tennessee on Friday as consumers rushed to fill their tanks in anticipation of Ike's damage. The market is jacking up prices because of a fear of scarcity, he explained.
Related video: Newsmaker interview with John Hofmeister at The Washington Times
"The supply system in America is not designed for everybody to 'top-off' their tanks," Mr. Hofmeister said. He praised the decision to release 300,000 barrels from the Strategic Petroleum Reserve, and said further releases will be needed in the weeks ahead.
Regarding the overall economy, Mr. Hofmeister said it is "quite weak for middle- and low-income folks because of the drain on their disposable income" resulting from soaring energy, food and health-care costs.
"America is suffering a lot more than is being reported," said Mr. Hofmeister, who is also chairman of the National Urban League. The economic slowdown may not be affecting the well-to-do, but it is "really nailing middle- and low-income people."
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peace, love and go fuck yourself!!!!!
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what bullshit these oil companys are making 24 billion profit in a single quater and they are bitching!!!!! wtf???? the government should stepped in along time ago and while the senators, congressman, and president are making millions the us economy is gettin worse and worse and there not doing anything about it!!!!
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peace, love and go fuck yourself!!!!!
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what bullshit these oil companys are making 24 billion profit in a single quater and they are bitching!!!!! wtf???? the government should stepped in along time ago and while the senators, congressman, and president are making millions the us economy is gettin worse and worse and there not doing anything about it!!!!
i think the oil guys realize that even with the reserve that eventually other fuels are gonna take over so why not get the most bang for the buck now because later the oil companies if the dont think of the future they'll be lost. Personally i hope they all kiss my ass as i speed through there hood!!!
stupid qoutes like this is what makes every1 thing there gettin a good deal on gas when it goes down to 3.39 a gallon when its still fucking crazy gas sghould b about a 1.25-2.00 a gallaon!!!
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peace, love and go fuck yourself!!!!!
\m/ (-_-) \m/
what bullshit these oil companys are making 24 billion profit in a single quater and they are bitching!!!!! wtf???? the government should stepped in along time ago and while the senators, congressman, and president are making millions the us economy is gettin worse and worse and there not doing anything about it!!!!
It's because demand is up. They aren't raising their price to get more profit. If they make 3 cents to every gallon they sell, they are making profit because they are selling FAR more gallons now than they did before.
They are making billions just because they are moving their product.
The jump in oil prices is due to many factors, but not simply because the CEO's all got together and said "lets jack up the prices"
The problem is Oil Speculation. The US lifted a law not too long ago allowing futures trading on the stock market. Once that happened, the price of a barrel of oil shot up out of control.
The US is considering limiting futures trading which may help corral the surge in the price of a barrel of oil. Right now it's falling steadily and almost under $90/barrel. If futures were limited, it could easily be under $80/barrel
i agree with you paul..it is bs and it doesnt look like gas will ever see 1.50-2.00 a gallon..sadly, and these huge oil execs need to be controlled in there actions. soon,
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