Former shell executive raises the specter of $5 per gallon gas

$5 Gas by 2012? Ex-Shell Oil Exec Predicts
John Hofmeister, former president of Shell Oil, believes the $5 gas will be average in 2012 here in America. During a recent interview, Hofmeister, who left Shell Oil in 2008 and now heads Citizens for Affordable Energy, predicts that the price of a gallon of gas will be $5, if not more, by 2012. Last weekend, the taped interviewed was aired on Platts Energy Week television. Hofmeister blames global demand, tighter supplies and government inaction for a increases at the gas pump. Already, the p...

Guest Post: Former Shell Oil Chief Predicts $5 Gas by 2012
Former Shell Oil Chief Predicts $5 Gas by 2012 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: I’m predicting a worse outcome over the next two years, which takes us to 2012 with higher Gasoline prices, uncertainty as to the future of hydrocarbons, more Regulation on the hydrocarbon industry based upon who the administration is today...

Obama Will Make You Pay More at the Pump
Since President Barack Obama was inaugurated, Gas Prices have been on the steady rise, as have home Energy Prices. During his tenure, he presided over arguably the worst federal response to an Oil Spill in our nation's history, and has pressed Legislation on Capitol Hill that would, in his own words, cause Electricity Prices to "skyrocket." Yet there has been almost nothing said by the media as consumers face $3/gallon Gasoline at the pump in December for the first time in U.S. history and see t...

Former Shell CEO says gas headed for 5 bucks per gallon
The former head of the Shell Oil Company stated Monday that with the current market price for a barrel of oil nearing $92 and headed for over $100, the price for a gallon of gas in the U.S. could hit $5 per gallon in the not-too-distant future.  Others have estimated an even worse scenario. As speculators began to note that the future price of oil was headed through the roof due to increased competition from developing nations such as China and India, and as a result of Obama Administration...

Local Gas Prices Climb 8 Cents In Week
GREENVILLE, S.C. -- Gas Prices in the Greenville area have climbed 8 cents during the past week, according to GasBuddy.com. The website said that the average price for a gallon of Gasoline is at $2.86 as of Monday, but that price is below the national average of $3.03 per gallon -- up 4.3 cents over last week. Monday's prices were 44.2 cents higher than the same day last year and 26.2 cents higher than a month ago, the website reported. Nationally, GasBuddy.com said, the average price for a gall...

Coming and Going
Gasoline prices typically deflate during winter months when demand is relatively low. When the weather warms, price rises in step with increased seasonal demand. This doesn't bode well for 2011. (In June 2008 prices peaked at over $4.50/gal.) Up until a few weeks ago crude Oil Prices were in the low $80s per barrel. Currently, the price is $91. Rising crude has prompted speculators to jump into the oil market . That trend likely will continue, with major Investment Banks projecting a return to $...

Mass. gas prices up another 3 cents
BOSTON — Massachusetts Gas Prices have continued their recent upward trend, climbing another three cents in the past week. AAA Southern New England said Monday that it’s weekly survey found self-serve regular averaging $3.03 per gallon, the fourth consecutive week of higher prices. The price is a penny below the national average, but 44 cents more than at the same time last year. AAA found self-serve regular as l0ow as $2.94 and as high as $3.21. ...

Former Shell President Tells Fox News Megyn Kelly Why The U.S. Could See $5 a Gallon Gas in the Future
"This Administration is showing every evidence of punting...They're are not gonna deal with the nation's energy needs in terms of meeting consumer appetite for the daily ration of fuel oil...Everyday Americans consume 20 million barrels of oil, if we don't produce it, we have to import it" From the Fox News Channel ...

Winter weather gives oil a boost
NEW YORK, Dec. 28 (UPI) -- Ongoing winter weather supported Oil Prices Tuesday morning, with a barrel of oil gaining 10 cents to $91.03 per barrel on the New York Mercantile Exchange. A weaker dollar also gave oil a boost, The Dollar index down 0.34 percent Tuesday, giving foreign buyers an advantage in commodities, like oil, which are priced in U.S. dollars. Heating Oil Prices shed 0.31 cents Tuesday to $2.5135 per gallon. Reformulated Gasoline blendstock lost 1.43 cents to $2.4063 per gallon. ...

Gas hits $2.99/gallon in Iowa
Iowa’s average price for unleaded Gasoline hit $2.99 per gallon this week, the Office of Energy Independence reports. That is below the national average of $3.05 this week. The $2.99 price is the highest since October, 2008, and tracks the runup in crude Oil Prices from $75 per barrel in September to $91 per barrel this week. Gasoline averaged $2.84 per gallon in Iowa in mid-December and $2.55 per gallon a year ago this month. Diesel prices average $3.24 per gallon in Iowa, up from $3.04 a mon...

$5 A Gallon Gas Forecast Has Ex-Shell Exec Making Headlines
What is this? Predicting that Gasoline will hit $5 a gallon by some time in 2012 has put former Shell Oil president John Hofmeister on the News Media's radar today. Why's he think the price will go there? "The issues that gave rise to high priced Gasoline in 2007 and 2008 are repeating themselves, except the world demands even more oil in the next several years than before," Hofmeister tells CNN (he's due on tonight's edition of Parker Spitzer). "Asian growth is continuing. ... U.S. economic rec...

$5 A Gallon Gas Forecast Has Ex-Shell Exec Making Headlines
What is this? Predicting that Gasoline will hit $5 a gallon by some time in 2012 has put former Shell Oil president John Hofmeister on the News Media's radar today. Why's he think the price will go there? "The issues that gave rise to high priced Gasoline in 2007 and 2008 are repeating themselves, except the world demands even more oil in the next several years than before," Hofmeister tells CNN (he's due on tonight's edition of Parker Spitzer). "Asian growth is continuing. ... U.S. economic rec...

What Should the New Congress Do First?
The 111th Congress ended with a flurry of Legislation.  As we look ahead to 2011, FrumForum asked our contributors to weigh in on what the new Congress should do next.  We asked: what should be a legislative priority when the new session begins? David Jenkins and Jim DiPeso of Republicans for Environmental Protection think the time is ripe for passing Energy Legislation.  Former Deputy White House Chief of Staff Les Francis however wants Congress to first take a closer look at 20...

schedules are reduced for this week. Supplies are moderate. Market activity
RANGE MOSTLY EXTRA LARGE 126-134 127-129 LARGE 124-132 125-127 MEDIUM 82-90 83-85 Iowa-MINNESOTA-WISCONSIN EGGS PRICES PAID TO PRODUCERS, CENTS PER DOZEN. Mass. Gas Prices up another 3 cents cents lower on medium. Daily producer prices are steady for all sizes. Food retail demand is fairly good to good. Offerings are moderate. Supplies are retail demand is fairly good to good. Offerings are moderate. Supplies are Daily producer prices are steady on all sizes. Food service demand is light Ceilin...

Syracuse Gas Prices Up Nearly 20 Percent Since September
Gas Prices in the Syracuse, NY area have gone up nearly 20% since September, according to the Post Standard. Gas Prices have risen on average 18 percent this fall with some of the Most Expensive stations in Syracuse now selling gas for as much as $3.29 per gallon, according to GasBuddy.com.So far in this month alone, gas prices have risen a little more than 3 percent, according to the website that tracks gas prices entered in by consumers. I blame President Obama, and I don’t expect th...

Freshman guard Reggie Smith leaves Marquette
Marquette says freshman guard Reggie Smith is leaving the school's Basketball program. The school says Smith has asked to be released effective immediately. It is not clear where he may transfer. Smith has started five of the eight games he has played this season, but is averaging less than 10 minutes per game, with 1.4 points and 1.5 rebounds. He has missed the team's past two games because of an illness. In a statement, Marquette coach Buzz Williams thanked Williams for his contributions and w...

5 Tips for Diversifying Your Portfolio
Most people familiar with diversification 101 know that they should allocate their assets according to their age. Follow this advice, and there's a much higher chance that your Retirement funds won't suffer an unrecoverable set back. Add your risk tolerance into your calculation, and you have mastered the basics. But there's more to diversification than just looking at how old you are. Here are five other parts of your life that you should also factor into your diversification strategy. [See 1...

Gas Prices Could Top $5 a Gallon by 2012
Chicago - The former President of Shell Oil John Hofmeister predicts we'll be paying $5 a gallon by 2012 because of global demand. Other market analysts say it will happen in the next decade. At a BP station at Roosevelt and Wabash in Chicago Tuesday, gas was $3.58 per gallon for regular grade. Premium was $3.80, the highest prices since late 2008 when the Recession was at its worst. The Economy is improving, but Gas Prices could reach record highs by the end of the year. Nationally, the average...

Oil Breaches $91 a Barrel in Light Trading
Oil Prices on Tuesday reached the $91-a-barrel mark in light trading as strong demand and limited supply continues to push up prices toward the end of the year. Oil for February delivery increased 27 cents to $91.27 a barrel in New York Mercantile Exchange trading Tuesday. It had been trading at about $81 a barrel about a month ago. Sponsored Links The higher oil prices reflect tightened petroleum inventories and what may be a slight resurgence in the U.S. economy, which is increasing demand....

Gas to Hit $5 a Gallon? Yes, Says Ex-Oil Exec
"In the U.S., we use 20 million barrels a day. We produce about seven. We're not drilling. We're going to produce about six a year, year-and-a-half from now. That means we have to import more Oil, while the whole rest of the world is also importing oil. It's going to put tremendous upside pressure on the Crude Oil price, which is the only way to tamp down demand. It's very worrying for consumers and, really, for the American Economy to think we would go back to such high prices." Hofmeister cal...

Gasoline Prices Are Spiking Way Out Of Season
Email Sent! You have successfully emailed the post. Doug Short is the CEO of Dshort.com. On our brief Christmas afternoon drive home from a family gathering in Clayton NC, we spotted a Wal-Mart service station sign for $3.019 regular gas. The post-Thanksgiving Holiday Season is not one I normally associate with high Gas Prices. As the chart below shows, the general pattern is for Gasoline prices to peak in the summer and decline after Labor Day. This year has run counter to the pattern by a si...

With Gas Prices Well Over $3 a Gallon In Some Parts of the Country, Where Are the 'Pain at the Pump' Stories?
What a difference a president makes. On November 5, 2007 Gas Prices topped $3 a gallon for the first time ever, the media had stories about how it was hitting people right in the wallet. We're not seeing too many of those stories today with prices well over $3, the price was $1.81 when Obama took office. Here's a few headlines of that same price during the Bush presidency ...

$5-a-gallon gas could be here by 2012
NEW YORK (CNNMoney.com) -- The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of Gasoline by 2012. In an interview with Platt's Energy Week television, Hofmeister predicted Gasoline prices will spike as the global demand for oil increases. Email Print Comment "I'm predicting actually the worst outcome over the next two years which takes us to 2012 with higher Gasoline prices," he said. Tom Kloza, chief oil analyst with Oil Price Informat...

Auto industry recalled 20 million vehicles in 2010 (AP)
WASHINGTON – Automakers recalled about 20 million vehicles in 2010, led by high-profile recalls by Toyota that prompted new scrutiny of the Auto Industry's safety record. The number of recalls this year was the largest in the United States since 2004, according to an analysis of federal data by The Associated Press. The auto industry set a record with 30.8 million recalled vehicles that year. Toyota Motor Corp. recalled about 7.1 million vehicles in 2010 to fix faulty gas pedals, floor m...

The World Powers Up While America Powers Down
The Wall Street Journal reports: “The global Oil Industry, far from chastened by the catastrophic spill in the U.S. Gulf of Mexico, is planning record spending next year, including a large amount for deep-water development. … Barclays estimates spending on new wells, producing platforms and other energy infrastructure will total $490 billion next year, up 11% from 2010. The figure is based on a survey of 402 companies. In part, the planned spending increases reflect the higher cost...