FORMER SHELL OIL CHIEF PREDICTS $5 GAS BY 2012 12-28-2010

Link From: http://newzzcafe.com/

Though he's no longer running one of the largest companies in the world, former President of Shell Oil John Hofmeister warns that the outlook for gas prices in the coming decade is not looking good:

"When prices are so high - $5 a gallon for gasoline by 2012 - I believe that's going to happen - that's going to set a new tone, it's going to be panic time on the part of the politicians, they're going to suddenly get some kind of a sense we better do something.

" The scary thing is that Mr. Hofmeister is basing his $5 per gallon gasoline prediction on supply/demand issues, not even taking into account the unfettered digital creation of dollars by the Federal Reserve.

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[rossm123456]

Big deal , it's currently £5.55 a gallon in the UK , or $8.46 on the current exchange rate. That's now , not 2012 !

[TrunkMonkey3000]

$5 gas by before 2012

[jimjonesable]

easy fix string that chief up for even saying that as a warning to opec. samuel marcus dream was to provide affordable gas to the masses using borneo crude i believe. what a conspiracy these oil people have run on us for years. we should find the politicians who accepted payouts from the oil companies and put them against the wall as traitorous sabotuers!

[naireland]

scare tactics. They predicted the same in 2008 then CRASH, down goes the DOW and the lowest priced gas appears. Inflation alone is halting economic growth so a peak gas price would only induce another recession which frankly won't happen.

[FormalStudiesCZ]

OMG !

[knt3119]

Economy is gonna tank. If I have to pay five/gal I will let my house foreclose. I bet I wont be the only one...

[yaplonglong]

What ja mean? It's here already in Vancouver - $4.80 per gallon.

[Yakko77]

Pft. It's not like I need the money anyways. Take it, JUST TAKE IT!!!

I'll just live on Ramen noodles which makes sense in the "Ramen Recovery" as I call it given I'm eating more of the damned things that I have in years in this so-called recovery.

[tyronebiggums3]

I've been anticipating $5-7 per gallon as the norm for '11.

I suppose our Saud Masters are cutting us some slack while we provide them security.

[theeastwatch]

I predicted $5 by Feb.

-TEW