Shell Oil president: To cut price, produce more gasoline in U.S.

… John Hofmeister, president of Shell Oil Co., the U.S. division of Royal Dutch Shell, addressed rising gasoline prices during an interview Wednesday with John Roberts on CNN’s “American Morning.”

ROBERTS: What do you say to people who are in this budget crunch of trying to fill up the family car?


HOFMEISTER: I say we need more gas to be produced in this country. I’ve been saying that for three years, ever since I took this position [as president of Shell].

If the U.S. set a goal to produce 2 to 3 million barrels more a day in this country, we would send a shock around the world that would immediately say to the speculators, hey, U.S. is serious. President [Bush] said something yesterday about this. I didn’t hear him, but I think that’s good news. But we should set a specific target.

The presidential candidates should be out there on the postings saying let’s increase domestic production by 2 to 3 million barrels a day. That would be something that would put money back into this country, jobs back into this country, and it would bring more supply toward the Americans who need it.

CNN