U.S. Markets closed

U.S. now largest producer of oil and natural gas

Gas shortages once forced Americans to wait hours to fill up their tanks, but now the U.S. is the world's largest producer of natural gas and oil. John Hofmeister, former president of Shell Oil Co. and president and chief executive officer of Citizens for Affordable Energy, talks to the "CBS This Morning" co-hosts about how times have changed since the OPEC oil embargo, 40 years ago.