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31-Dec-2010

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Former Shell President Sees U.S. Gasoline Prices at $5 by 2012

Others see prices not reaching that level until 2020.

The price of gas is already above three dollars a gallon in most states. “Some analysts had predicted gasoline would cost $3 a gallon by Christmas, and they were right,” The Wall Street Journal reports. “The average price of regular gasoline rose to $3.05 per gallon this week – an increase of seven cents a gallon compared with last week and about 45 cents higher than a year ago.”

Three dollars a gallon is enough to stretch budgets for many families across the country, but if this trend continues, families may tighten their budgets even more. “The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012,” reports CNN.

Not all analysts agree with Hofmeister’s predication. CNN states, “Tom Kloza, chief oil analyst with Oil Price Information Service says Americans will see gasoline prices hit the $5 a gallon mark in the next decade, but not by 2012.”

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