President of Shell John Hofmeister talks about oil price (March 2008)

Full Transcript

I was meeting in Los Angeles with mayor Villaraigosa...and I asked him a specific question because I lived there during the Rodney King civil disturbances…I said “how is the mood in the hood? “ based upon price of gasoline compared to the mood in the hood at the time of the Rodney King disturbances?…he said it’s threshold…in other words…the frustration of low-income Americans who see the price of gasoline going up and up and up and the price of food going up and up and up and now the housing crisis that infects many cities…there is a very very big issue in this country that our elected officials are not talking about…when it comes to the social and economic inequities of these high gasoline prices…for what purpose? …That we don’t need these high gasoline prices if we were allowed to produce another couple of million of barrels a day in this country...