The future of energy production in the U.S. ...
From John Mauldin's newsletter http://www.frontlinethoughts.com
John Hofmeister is the former president of Shell Oil and now CEO of the public-policy group Citizens for Affordable Energy. He paints a very stark (even bleak, as he gets further into the speech) picture of the future of energy production in the US unless we change our current policies. First, because of the aftereffects of the moratorium. It is his belief that the drilling moratorium will effectively still be in place until at least the middle of 2012. There won't even be new rules until the end of 2011, and then the lawsuits start.
Gulf oil production will be down by up to 1 million barrels a day. Imported oil is now 67% of oil usage but will go to 75% by 2012. He thinks crude oil will be up to $125 and gasoline between $4-$5 at the pump. And it will only get worse.
Quote: Oil at $125 a Barrel, Gasoline at $5
http://www.financialsense.com/user/391
http://www.niagaramag.ca/sitepages/?aid=2266&cn=Features&an=Feature%201
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