The Baytown Sun (Baytown, Tex.), Vol. 84, No. 324, Ed. 1 Saturday, October 29, 2005 Page: 5 of 20
This newspaper is part of the collection entitled: The Baytown Sun and was provided to The Portal to Texas History by the Sterling Municipal Library.
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STATE
5A
THE BAYTOWN SUN
Saturday, ( tetober 29.2005
Oil industry not likely to expand production
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Washington’s complaint that
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But he said Shell executives
were still debating whether it
makes economic sense to
expand the capacity of refiner-
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phone from his corporate jet
upon leaving Washington, said
“we will continue to work as
an industry to increase sup-
plants in Louisiana and Texas, the market might not be work-;
Keep in mind, Hofmeister
said, that “high-priced oil at
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ing well, however, grew this -,
summer after hurricanes
Katrina and Rita exposed the
industry’s vulnerabilities, caus-
ing supply disruptions that sent
gasoline prices above $3 a gal-
lon. The backlash reached a ’ ■
bipartisan crescendo this week
after Exxon Mobil Corp., BP
Pic, Royal Dutch Shell Pic and
Chevron Corp, reported com-
bined third-quarter profits of
$29 billion.
A congressional hearing on'
energy prices and profits is ■
scheduled for Nov. 8.
With oil hovering above $60
a barrel and home-heating
costs expected to surge this
winter, some analysts believe
the industry may have no •
choice but to work with the
government to make the
world’s largest petroleum-con-
suming market more secure
and less volatile.
“There have been a flurry Of
proposals, some of which will
undoubtedly lead to some kind
of innovations,” Said Antoine
Halff, director of global energy
at Eurasia Group in New York.
But he added that “investment
decisions are going to be made
on commercial grounds.”
Congressmen say they are
worried about the economic.
hardship soaring energy costs
are placing on average
Americans.
Sen. Bill Frist (R-Tenn.), the
Senate majority leader, said he
would support a federal anti-
price gouging law. Sen. Chuck
Schumer (D-N.Y.j introduced a'
bill that would place additional
taxes on oil company profits'to
help reduce the deficit and pay
for hurricane relief. Some want
the industry to assist low-
income families with their
heating bills.
Even the industry-friendly
Bush administration acknowl-
edges that something must be
done to fix the supply imbal-
ances that underpin today's
high prices.
President Bush has repeated-
ly stressed conservation in
recent weeks. Energy Secretary
Samuel Bodman said the
administration was considering
a wide range of proposals, .;
including the creation of an
emergency reserve of gasoline,
diesel and jet fuel. Bodman
also encouraged the industry to
increase U.S. refining capacity
to make the U.S less depen-
dent on imports of gasoline
and diesel.
Wall Street analysts said
they ’re getting cal Is from
investors who are increasingly
concerned about the pressure
in Washington to do something
about high prices and record-
profits. They oppose any tax.
that would punish companies
for living up to their fiduciary
responsibilities.
“If they take the profits away
from us, it is fundamentally not
going to help consumers,” said
John Felmy. chief economist at
the American Petroleum
Institute. “It will only drain
investment budgets.” ■
Spending on exploration and
production is on the rise, but
major oil companies’ output of
oil and gas isn’t, according to
third-quarter results. Much of
the increased spending reflects
the higher costs of doing busi-
ness at a time when equipment
and labor are scarce. Analysts
said it may take years to add
enough new oil production and
refining capacity to ease cur-
rent supply constraints.
Moreover, analysts said it
would be foolish to embark on .
a spending spree simply to
silence critics.
"The current price of oil is • J
interesting, but it’s irrelevant,” j
said Lawrence J. Goldstein,
president of the Petroleum I
Industry Research Foundation. I
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will be out there for a long I
time that's important and J
nobody believes prices will ■
stay at these levels.” - ■
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“A surplus of supply is not
good for the industry,” Shell
Oil Co. president John
Hofineister said in an inter-
view on Friday. “Just as a sur- plies to the American people.”
plus of demand is not good for D"‘u—;j Ck-"-------":—
industry. We strive for bal-
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Hofineister, speaking by
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Cash, Wanda Garner. The Baytown Sun (Baytown, Tex.), Vol. 84, No. 324, Ed. 1 Saturday, October 29, 2005, newspaper, October 29, 2005; Baytown, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1191577/m1/5/?q=%22%22~1: accessed July 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Sterling Municipal Library.