Oil and Gas:

Shell president pledges support for national plan to reduce greenhouse gas emissions

With several oil companies recognizing the effects of greenhouse gas emissions on the climate, Shell Oil Co. is actively pushing a national global warming initiative. During today's E&ETV Event Coverage, Shell Oil Co. President John Hofmeister discusses the importance of addressing the CO2 issue. He talks about why his company does not support California's Proposition 87, which will place an extraction tax on crude extracted in California. Hofmeister also denies accusations that oil companies are purposely lowering prices prior to the midterm elections to help maintain Republican leadership.