xfdfx YOUR-WORLD-WITH-NEIL-02

<Show: YOUR WORLD WITH NEIL CAVUTO>

<Date: May 3, 2010>

<Time: 16:00:00>

<Tran: 050302cb.140>

<Type: INTERVIEW>

<Head: Shell - Former CEO Interview>

<Sect: Business>

<Byline: Neil Cavuto>

<Guest: John Hofmeister>

<Spec: Business; Fuel Oil; Shell Oil Company; SIC: 5983>

<Time: 16:06:00>

NEIL CAVUTO, HOST: Well, the head of BP meeting with White House officials as we speak, right now trying to get to that bottom of that spill in the Gulf, this as lawmakers demand hearings with oil execs even before the leak is plugged.Former Shell CEO John Hofmeister calls it a big distraction. He joins us by phone.

So, John, you find this completely counterproductive, right?

JOHN HOFMEISTER, FORMER CEO, SHELL: Well, I think it's some people stepping where they're going -- only doing this because they want to show their constituents that they're busy and on top of the situation.

The reality is, when you're in the midst of a crisis, the last thing you need to do is to go testify in front of Congress before you have facts. You don't know what you don't know. Why would you be going in to testify to what you don't know?

And until the leak is stopped and until the cleanup is well under way, I think Congress could do everybody in the country a favor by holding off what could become emotional hearings over the issue of offshore drilling, when in fact we have been drilling offshore for years and years and years with no incident. This is the first incident that anyone can remember, except from the -- going way back to Valdez.

And it just is a bad timing to take these people and rake them over the coals. For what good reason? Only for the good of the congressmen.

CAVUTO: So, if you were any of these guys, and you were being dragged before a hearing, what is wrong with them saying, look, I'm a little busy trying to deal with this crisis, or we're all a little busy trying to get to the bottom of this crisis; we're going to take a rain check?

HOFMEISTER: Well, what happens is, you could end up with a subpoena and then you have to appear. So, you know, they try to use volunteerism, but they will -- and they did it to me on numerous occasions. If you don't appear, we will send a subpoena. Then you have to appear.

(CROSSTALK)

CAVUTO: Yes, but, John, what I remember about you, is you gave back as good as you got, and you called into question sometimes the witch trial hunt nature of these affairs. Now, there might be something to, as you say, a sort of a cabal effort to slap down on offshore drilling, and that that's all these hearings are about.

Do you suspect that that's what these hearings will be about?

HOFMEISTER: Well, consider who is calling them. If it's the Waxman committee, we know where Congressman Waxman is on this issue and has been for a long, long time. I don't know who else might have called for the hearings. I haven't seen today's papers. But the --I wasn't in the midst of a crisis when I was called for hearings.

And, so, I didn't have the kind of problem that the folks at BP would have right now trying to show up for a hearing.

CAVUTO: All right. It was good stuff always, John. Thank you very much for taking the time. We appreciate it.

HOFMEISTER: Thank you.

CAVUTO: John Hofmeister.

END

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