Former oil exec: $5-a-gallon gas on the way

http://socialnetworkingnews.org/former-oil-exec-5-a-gallon-gas-on-the-way/

John Hofmeister attracted national attention in 2010 when he predicted that average U.S. gasoline prices would soar to $5 a gallon in 2012, thanks to rising crude oil prices. His forecast fell short, as the cost of filling up flirted with $4 in 2012, but never went higher.

Now, with national gasoline prices currently averaging $2.05 a gallon, their lowest level since early 2009, the former president of Shell Oil 06is issuing another warning, telling motorists that their joy ride may end sooner than they think.

“The next round of high prices is likely to start later this year, as crude rebounds to the $80s and $90s, perhaps pushing to the $100 level by late in the year or early next,” Hofmeister told me the other day after a trip to Calgary, where he was promoting natural gas as a transportation fuel.

Source: www.usatoday.com

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