While energy companies have put the brakes on capital spending thanks to low crude prices, in a few short years there won’t even be enough oil to meet demand, former Shell Oil CEO John Hofmeister predicted Thursday.
“We cannot ever produce enough oil, in my opinion, to satisfy global demand five or 10 years out. We have to start using natural gas and more biofuels as a source of transportation fuel,” he said in an interview with CNBC’s “Power Lunch.”
