John Hofmeister, the former CEO of Shell Oil & Founder of Citizens for Affordable Energy, wants to remind everyone about the opportunity for natural gas fuels which would eliminate the volatility of oil price due to Middle East geopolitics, about which the US can do nothing but pay higher gas prices today. It’s highly unlikely that we will ever know the extent of damage in Saudi Arabia’s Abqaiq facility because it is wrapped in national security. It could be worse than we know leading to sustained oil prices. If the truth be known both the Iranians and the Saudi’s want higher oil prices, over $80/barrel and would like to see it sit there for quite a while. They have both paid their bills with a lot of debt thanks to US shale oil. It’s time to make a change.
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