Former Shell CEO on President’s Push to Raise Taxes on Oil Companies

This is a rush transcript from “Your World With Neil Cavuto,” May 13, 2010. This copy may not be in its final form and may be updated.

NEIL CAVUTO, ANCHOR: All right, well, oil and gas prices dropping this week, but that might not last too long. President Obama is now backing legislation to immediately hike taxes on oil companies. The funds would help clean up the BP oil spill, among other things.

Here now, former Shell CEO John Hofmeister.

John, where is this going?

JOHN HOFMEISTER, FORMER CEO, SHELL: Well, I think the government needs to demonstrate to the American people in its own mind that they’re in charge of the situation and they want to take actions that they can self-promote what they’re doing as government….

Read the full transcript at:

http://www.foxnews.com/story/0,2933,592903,00.html