Expert: Oil price drop will not last

Gas prices are coming down, just time for Thanksgiving. But will the lower prices continue?
John Hofmeister, President of Citizens for Affordable Energy, former president of Shell Oil and author of “Why We Hate Big Oil” doesn’t think so.
”Beneath all of this is an underlying lack of investment which I think will drive prices higher, probably in mid-year 2019 and into 2020.”
Although he says the movement towards renewable fuels is going very well, oil is not going away anytime soon.
“We’re still going to need more oil. And the interesting reason is we’re still going to have more cars that are internal combustion engine because we’re going to double the number of cars by 2040 and we’re still going to have trucks, we’re still going to have ships, we’re still going to have airplanes and we’re still going to have petrochemicals and all of those sectors of the oil demand industry will need more oil because there’ll be more of us.”
John Hofmeister was a guest on McIntyre in the Morning.
By Sandy Wells
KABC News
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