Energy Prices Will "Skyrocket" If U.S. Stops Drilling: Former Shell Exec Sees $6 to $8 Gas: Tech Ticker, Yahoo! Finance
Oily tar balls hit the sands of the Florida Panhandle Friday even as BP engineers adjusted a sophisticated cap over the Gulf of Mexico oil spill. The containment cap is the latest attempt to plug the worst oil spill in U.S. history, triggered when the Deepwater Horizon rig exploded April 20, killing 11 people.
"The next 12 to 24 hours will give us an indication of how successful this attempt will be," BP CEO Tony Hayward said Thursday.
Whenever the spill is eventually contained, and the best estimates are still in the "months" category, the BP disaster has major implications for the environment, America's energy policy, and consumers.
"The implications for the American consumer and our society and the domestic United States are very seriously at the front of what I think about," says our guest John Hofmeister, former president of Shell Oil and author of Why We Hate the Oil Companies.
The BP disaster has raised questions about halting risky, domestic oil extraction procedures altogether, including deep-water programs. But Hofmeister -- a longtime advocate of more domestic drilling -- says Americans simply can't afford to stop drilling. (America's net imports of foreign oil have jumped to 58.2 percent in 2007 from 34.8 percent in 1973, accoding to the latest annual figures from the U.S. govermment.)
Prices Could "Skyrocket"
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