Hofmeister interviewed on NBC’s ‘Meet The Press’

John Hofmeister, a Fuel Freedom board advisor and the former president of Shell Oil Co., appeared on NBC’s “Meet the Press” on Nov. 23 to discuss the falling price of oil.

Watch a clip here:

Watch the entire “MTP” program here (Hofmeister comes on about the 35:20 mark), and read the transcript here.

Hofmeister, appearing along with author Daniel Yergin, was asked by host Chuck Todd whether lower-priced oil amounted to an extra sanction against Russia and Iran, which already are burdened by sanctions — Russia for its actions in Ukraine and Iran for its pursuit of a nuclear program.

Hofmeister replied:

It is. It’s an extra sanction because it reduces their economic clout. Well, we’ve seen what happened to the Russian ruble. Iran is not able to subsidize many of its programs.

CHUCK TODD:

They need to have oil to be at $100 or more a barrel for them to balance their budget.

JOHN HOFMEISTER:

Yeah, the estimates are Russia needs well over $100, Iran even more. And the consequence of that is the people of Russia, the people of Iran will suffer as a consequence of the low oil price. That’s why the panicked feeling within the OPEC meeting coming up on Thursday.

As we know, at that meeting, OPEC decided not to cut production quotas, effectively ensuring that oil prices would not stabilize in the near future.

As The Wall Street Journal reports, Saudi Arabia, OPEC’s largest producer, now believes that oil will settle at about $60, down from about $110 over the summer.

Hofmeister said that, despite the worldwide surplus of oil, the U.S. should keep pumping, in anticipation of demand coming back:

… the reality is, we will be short of oil in the world over the next several years as global growth exceeds oil production. So we need all the production we can have. We need all the infrastructure we can build to make sure the U.S. is taken care of.

Hofmeister, author of the book Why We Hate the Oil Companies, has much more to say about oil in the Fuel Freedom-produced documentary PUMP. The film is now available for pre-order on iTunes. Visit PumpTheMovie.com to watch a trailer and learn more.

‘Pump’ No More: Taking America off Oil

Rebecca Harrell Tickell joins us to discuss ‘Pump,’ the critically acclaimed new documentary film she produced with her husband, Josh Tickell. Made with consumers in mind, the film shows Americans how many other alternatives to oil exist. Kicking the American addiction, Tickell says, is possible. She’ll tell us about meeting Tesla’s Founder, Elon Musk and Actor Jason Bateman’s role in narrating her film.

Listen to the Radio Interview at: TLV1

Ethanol documentary takes a provocative look at oil industry

A documentary designed to change the way people think about renewable fuels — called “PUMP The Movie” — has been showing around the country, including this week in Lincoln. Screened at the Mary Riepma Ross Media Arts Center for about 100 attendees at an event hosted by the Nebraska Ethanol Board, the film takes a provocative look at the oil industry, the grip it has on the nation’s motor fuels and what competition might mean if alternative fuels could gain a meaningful share of the nation’s gas tanks.

It is a question with Great Plains-sized ramifications for the Midwest, where Iowa and Nebraska rank first and third in corn production, and first and second in production of ethanol from corn. Iowa has 42 plants, Nebraska 24, part of a U.S. fleet of about 225 built with a capital investment of about $230 billion in recent years.

Read more at: North Platte Telegraph