Gas Prices Could Top $5 a Gallon by 2012

$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...

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 ...

Testy Tuesday Topping or Popping?
By Phil of Phil's Stock World Copper hit a new all-time high in Shanghai this morning (as the guy who owns 90% of London’s closed for the holiday exchange supplies sold it to himself for more money than he did yesterday) and gold is back at $1,400 in the futures and that should give us a better entry on FCX puts than we expected for round 2 but Paul Krugman has me worried now that maybe Commodity Prices are just high because the World hasn’t got enough of them to go around. I think...

Benjamins Beautification
Not content with raising people’s energy bills to pay for a cash guzzling, government-run bus fleet, Columbia mayor Steve Benjamin now wants to hand out $20,000 a pop to downtown building owners who agree to improve the “aesthetics” of their properties. In the meantime, the station gushed on and on about the project’s many aesthetic benefits … but never bothered to ask Benjamin how much his campaign is going to cost the Taxpayers. That’s important information ...

Video of Bernanke and Geithner Trying to Get the Economy Unstuck
Here's a leaked video of Bernanke and Geithner trying to get our economy unstuck: Bernanke and Geithner are driving the tow truck. The bulldozer which the tow truck is so persistently trying to yank free is Wall Street, and the white SUV being repeatedly rammed without any concern whatsoever is the little guy on Main Street. Any questions? ...

Oil majors to spend big in 2011
Washington imposed a Moratorium on deep-water drilling after BP's Deepwater Horizon Oil rig caught fire and sank in April, leading to one of the worst Environmental Disasters in the history of the industry. A survey by Investment Bank Barclays Capital, however, indicates that major energy companies are planning to spend as much as $500 billion next year on Oil and gas exploration. James West, an energy analyst at the bank, told The Wall Street Journal that spending on new energy efforts in 2011 ...

Casino executives look for promising 2011
The week between Christmas and New Year's Day is traditionally a busy one for the casino industry. Along the Mississippi Gulf Coast, casino executives tell WLOX-TV in Biloxi that they hope the holiday season helps set the pace for an upbeat 2011 after the negative impacts of the national economy and the BP Oil Spill in 2010. "Everybody is off work, visiting family. They have a little extra Christmas cash in their pockets. Typically a pretty good week for the casino world," said Chris Kern, Hard ...

GDP Boosted by Personal Transfer Payments
Transfer payment receipts are defined well by the BEA (Bureau of Economic Analysis, U.S. Dept. of Commerce): Personal current transfer receipts are benefits received by persons for which no current services are performed. They are payments by governments and businesses to individuals and nonprofit institutions serving individuals.  Transfer receipts accounted for 15 percent of total Personal Income at the national level in 2008. Current transfer receipts of individuals from businesses accou...

The Data and the Reality
By BOB HERBERT NYT I keep hearing from the data zealots that holiday sales were impressive and the outlook for The Economy in 2011 is not bad. Maybe they’ve stumbled onto something in their windowless rooms. Maybe The Economy really is gathering steam. But in the rough and tumble of the real world, where families have to feed themselves and pay their bills, there are an awful lot of Americans being left behind. A continuing national survey of workers who lost their jobs during the Great Rece...

Schumpeter: Beyond the start-up nation
Israelis are rightly proud of their high-tech miracle. They lap up books like “Start-Up Nation” and delight in talking about their country’s successful IPOs. They are also proud of how it was one of the last countries to enter Recession and among the earliest to exit: The Economy grew by more than 4% in the year to September. But for all its success the Israeli boom nevertheless raises a number of troubling questions. First, does The Economy rest on too narrow a base? High-tech...

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...

Weeknight friendly, and dinner party impressive
This Dec. 5, 2010 photo shows pecan-crusted chicken breasts with bourbon pan sauce in Concord, N.H. For a gorgeous variation on this recipe, you can use finely chopped pistachios instead of pecans, in fact almost any of your favorite nuts would work. During the busy Holiday Season it's good to have a few "utility" recipes in your pocket. That is, dishes that are easy enough to prepare for a weeknight family dinner, but dressy enough for company. This recipe for pecan-crusted chicken breast with...

RI gas prices rise by 4 cents from last week
Gas prices in Rhode Island have gone up for the seventh time in eight weeks. AAA Southern New England says in its weekly survey Monday that self-serve regular unleaded is now averaging $3.14 per gallon. That's four cents above last week and 10 cents higher than the national average. The average price at the same time last year was $2.63. The prices last week were unchanged from the week before. Mass. Gas Prices up another 3 cents Ceiling lights in Minn. send coded Internet data Minn. company&#...

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...

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. ...

$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...

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....

Former shell executive raises the specter of $5 per gallon gas
Gas Prices became a major topic of discussion this week after the former president of Shell said that the United States could see gas prices as high as $5 per gallon in 2012. "When American Consumers are short or prices are so high — $5 a gallon for Gasoline, for example, by 2012 — that's going to set a new tone. It's going to be panic time on behalf of the politicians," John Hofmeister, who was president of the company from 2005 to 2009, told Platts Energy Week. Platts Energy Week aired t...

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...

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...

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...

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...

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...

NYC Workers Caught Destroying Car after Blizzard
Like this Story? Share it: (CBS) A City Sanitation crew was caught on camera repeatedly ramming a parked SUV with a front-end loader while trying to free it after the blizzard. On the street in Brooklyn Heights a sanitation crew ignored residents' cries as they struggled to pull out one of its Snow Removal vehicles from the snow, CBS 2-TV reports. The outraged wife of the destroyed vehicle’s owner, who didn’t want to be identified because her husband works for the City that owns the ...