Senator Orrin Hatch; "I want to get into that. In other words, we're talking about Utah, Colorado, and Wyoming. It's fair to say that they're not considered part of America's $22 billion of proven reserves". Hofmeister; Not at all. Hatch; "No, but experts agree that there's between 800 billion to almost 2 trillion barrels of oil that could be recoverable there, and that's good oil, isn't it?" Hofmeister; "That's correct." Hatch; "It could be recovered at somewhere between $30 and $40 a barrel?" Hofmeister; "I think those costs are probably a bit dated now, based upon what we've seen in the inflation…" Hatch; "Well, somewhere in that area." Hofmeister; "I don't know what the exact cost would be, but you know, if there is more supply, I think inflation in the oil industry would be cracked. And we are facing severe inflation because of the limited amount of supply against the demand." Hatch; "I guess what I'm saying though, is that if we started to develop the oil shale in those three states we could do it within this framework of over $100 a barrel and make a profit." Hofmeister; "I believe we could." Hatch; "And we could help our country alleviate its oil pressures?" Hofmeister; "Yes." Hatch; "But they're stopping us from doing that right here, as we sit here. We just had hearing last week where Democrats had stopped the ability to do that, in at least Colorado." Hofmeister; "Well, as I said in my opening statement, I think the public policy constraints on the supply side in this country are a disservice to the American consumer."
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