The former president of Shell Oil said he believes Americans could be paying $5 for a gallon a gas by 2012.
“I’m predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices,” John Hofmeister said in a recent interview with Platts Energy Week television.
Tom Kloza, chief oil analyst with Oil Price Information Service, agreed that Americans would see $5 a gallon gas but told CNN that he did not believe it would happen in 2012. “That wolf is out there and it’s going to be at the door…I agree with him that we’ll see those numbers at some point this decade but not yet.”
“The demand is still sluggish enough in some of the mature economies,” he said.
Hofmeister also predicted that demand would outstrip supply before the end of the decade.
“When supplies run low and the demand is still high, many areas will start to run out, with gas stations having no supplies,” World News Insight observed. “Ultimately rationing could then come into force. We could be looking at a return to the 1970’s.”
Average gas prices rose higher than $3 last week for the first time since October 2008.
Consumers were paying 17 percent more than a year ago and seven percent more than just last month, according to AAA.
Hawaii has the highest average price in the nation at $3.636. California is next highest at $3.275.
For the first time since October 2008, the price of a barrel of crude closed above $90 Wednesday.
R. Kelly associates charged with intimidating singer’s accusers
Federal prosecutors on Wednesday announced the arrests of three alleged associates of R. Kelly, saying that they used harassment and threats to try to silence women accusing the disgraced singer of sex crimes.
For more than a year the artist born Robert Sylvester Kelly has been awaiting trial in several states for alleged wrongdoings including sex crimes against minors and child pornography.
He has pleaded not guilty to all charges, which range across the states of Illinois, Minnesota and New York.
In filings released Wednesday, prosecutors say three members of the artist's circle -- Richard Arline Jr., Donnell Russell and Michael Williams -- have been engaged in separate bids to silence Kelly's accusers in the New York racketeering case against him through intimidation, harassment and bribery.
Get ready for petulant Trump to punish America if Biden wins
What could happen to America if Trump were to further, severely crash the U.S. economy the day after Joe Biden is announced as the winner of the 2020 presidential race?
On July 6, 2020, he tweeted, “If you want your 401k’s and Stocks, which are getting close to an all time high (NASDAQ is already there), to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden.”
Israel parliament rejects law targeting Netanyahu over indictment
Israeli lawmakers on Wednesday rejected a bill targeting Prime Minister Benjamin Netanyahu that sought to block candidates under indictment from forming a future government.
In a vote that highlighted the fragility of the premier's coalition, Wednesday's bill, proposed by opposition leader Yair Lapid, was defeated 53-37. Members of the Blue and White party, who are part of the coalition, abstained.
Talk of a snap election is already widespread, just three months after the current government was formed.
Netanyahu is on trial for bribery, fraud and breach of trust. He denies wrongdoing.