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.
GOP lawmaker cut the mic on black woman’s facts — but let white men spew ‘lunacy and lies’: report
The Republican chair of a Tennessee legislative committee is under fire for cutting off the microphone while a woman of color was speaking -- but allowing white men to spew "lunacy."
"It took all of five minutes for Sen. Mike Bell, chairman of the Tennessee General Assembly’s Judiciary Committee, to prove Cherisse Scott’s point. Scott is founder and CEO of Sister Reach, a Memphis organization that fights for reproductive freedom and health for rural women and girls of color struggling with poverty," Memphis Commercial Appeal columnist Tonyaa Weathersbee explained.
Here’s why Jeffrey Epstein surrounded himself with scientists
The list of confidants and friends who were fêted by the late financier and alleged sex trafficker Jeffrey Epstein included a number of prominent scientists. Among the eye-popping names that appeared on the list: the late cosmologist Stephen Hawking, Nobel-winning physicist Murray Gell-Mann, evolutionary biologist Stephen Jay Gould, physicist Frank Wilczek, neurologist Oliver Sacks, and geneticist George M. Church.
Trump just humiliated his own son with an absurd tweet about Greenland
President Donald Trump confirmed multiple reports this weekend when he said that he does, indeed, hope to buy Greenland and make it part of the United States.
Danish Prime Minister Mette Frederiksen has said that the country, which is part of the Kingdom of Denmark, is “not for sale”: “Greenland belongs to Greenland.” Which should be the end of the story. Unfortunately, it’s not.
On Monday, Trump sent the following tweet, apparently trying to quell suspicions that the president just regards Greenland as another place to expand his business empire: