Congress should follow President Bush’s lead in opening up the outer continental shelf to oil and gas exploration and seek other non-partisan solutions the nation’s urgent and substantial energy needs, an oil industry veteran tells CNBC.“It’s an American problem,” said John Hoffmeister, former CEO and president of Shell Oil's US operations, adding that the powers that be in Washington need to “quit the rhetoric and get on to solutions.”
Hoffmeister’s endorsement of the president’s decision to lift the existing executive order barring activity in the area known as OCS comes amid heightened debate about how the US will satisfy its energy demand as crude oil and gasoline prices continue their seemingly endless ascent.
In his public comments Monday, Pres. Bush said the OSC is capable of producing ten years of oil, based on existing US output, which currently represents about one-third of the 21 million barrels of oil the nation consumes daily.
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