Sunday, June 6, 2010

$6 to $8 Gas? Prices Will "Skyrocket" If U.S. Stops Drilling, Says Former Shell Exec

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, according to the latest annual figures from the U.S. government.)

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