February 24, 2022
Are you Ready to Pay $5 A Gallon For Gas
John Hofmeister, a former Shell executive has painted a gloomy picture of the future, as he predicts $5 a gallon, gas prices by 2012.
If $5 a gallon was not bad enough, Hofmeister is also predicting that supply of gas is going to be outstripped by the demand, before the end of the decade, despite the high price tag.
When supplies run low and the demand is still high, many areas will start to run out, with gas stations having no supplies. Ultimately rationing could then come into force. We could be looking at a return to the 1970′s
According to reports, Hofmeister believes that the Obama administration is basically turning its back on the countries own oil supply, by cracking down on domestic oil drilling, as a direct result of the recent BP oil disaster, off the Gulf of Mexico.
The price to fill up right now is over $3.00 a gallon, for most residents across the U.S. No doubt a direct result of continued increases in oil prices.
Oil has already went passed $90 a barrel. Just recently, JP Morgan Chase & Co reported that oil could well top $120 a barrel before the end of 2012.