Former Shell Oil president: Middle East peace deal 'great day' for energy
'It's a great day for the world'
As President Trump signs the historic Middle East peace deal between Israel, the UAE and Bahrain on Tuesday, former Shell Oil president John Hofmeister said it’s also a day to remember for energy.
“I think this is almost miraculous in a sense that it could all come together this quickly,” he told FOX Business' Neil Cavuto. “And frankly, it's a great day for the world. It's a great day for energy as well.”
Hofmeister explained that the agreements, known as the Abraham Accords, will allow these countries producing a large sum of the world’s energy to distribute product to the people, instead of investing in “armaments” and attempting to “staff up the military and look for the latest and greatest technical weapon to use against their neighbors.”
TRUMP DECLARES 'DAWN OF A NEW MIDDLE EAST' AS HE PRESIDES OVER SIGNING OF HISTORIC DEALS
Israeli Prime Minister Benjamin Netanyahu, left, President Donald Trump, Bahrain Foreign Minister Khalid bin Ahmed Al Khalifa and United Arab Emirates Foreign Minister Abdullah bin Zayed al-Nahyan react on the Blue Room Balcony after signing the Abra
“It enables them to start looking after the social responsibilities, the educational opportunities, the other business development type opportunities,” he said. “So I think peace in the Middle East would be a godsend to this world because otherwise, it's the most militarized zone or region on Earth.”
The deal also releases tension in using oil as a military or economic “weapon,” Hofmeister said, which has previously “disrupted relationships” in the industry.
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“If that goes away, now we just have a normal production flow much like we do in the United States, where we just have energy companies doing what they do to produce the world's energy,” he said. “Then in the Middle East, they can do the same. So I think it's a great day all around.”