With Gas Prices Well Over $3 a Gallon In Some Parts of the Country, Where Are the 'Pain at the Pump' Stories?

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...

$5 gas! What,no pitchforks?
Five dollars per gallon of gas by 2012! A former president of Shell Oil considers this likely. The average price on Christmas Day for a gallon of regular gas reached $3.28 in Los Angeles County, the highest price since October 2008. In one month, the price rose 13 cents, up 35 cents year to year. Where are the calls to sic Obama's Justice Department on Big Oil to hold the oil companies accountable for "market manipulation"? Why aren't we hunting down the amoral "oil speculators" responsible f...

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...

Are gas prices headed toward $5 a gallon?
Economic agenda: Wednesday, Dec. 22, 2010 At some point in the last couple of years--we would place it sometime after Lehman Brothers went down but before the automakers were bailed out--Washington became the financial capital of the world. "Now that we're all used to pre-nups, it's time to start thinking about Divorce Insurance: Ever had that sinking feeling that the person your friend is marrying is perfectly awful? Of course not, because you love everyone. But should it happen, you now can g...

$5-a-gallon gas coming?
A former Shell Oil executive raised the possibility of $5-a-gallon Gasoline by 2012 yesteday. Meanwhile, Greenfaucet notes that Gas Prices went down by 9 percent during the George W. Bush presidency. For those of you who have driven long distances during the holidays, I'm sure you've notice that Gas Prices are heading up. They average about $3.30 a gallon on Chicago's North Shore. Drill here, drill now, pay less. ...

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....

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...

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...

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...

Wary consumers
Americans opened their wallets to spend more this Holiday Season, but they still have lingering doubts about The Economy. Retail spending between Nov. 5 and Dec. 24 was up by 5.5 percent over a year ago. Other Economic Indicators point to improvements in 2011 with the pace of layoffs slowing, businesses investing more and the Stock Market at its highest point in two years. But trouble spots remain. The Conference Board, a business research group, says consumer confidence is dropping, falling f...

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...

$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...

Obamas war on energy
Rising Gas Prices are the elephant in the room that no one is talking about. With 87 octane Gasoline now around $3 a gallon throughout the country, we can expect to start seeing increased prices for the delivery of goods and services, as UPS, FedEx, railroads and even airplanes feel the fuel cost pinch. Unfortunately these skyrocketing prices are only the tip of the iceberg as Obama engages in an unprecedented war on American-produced energy. For those who don’t believe that Obama is engaged...

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...

Prosperity In Motion
Our government’s refusal to allow the development of our Oil resources has left us on the verge of $5 per gallon Gasoline, with fuel shortages looming in the future. This will have a profound negative effect on our economy, because growth requires movement. The level of wealth we are accustomed to depends powerfully upon the ability to move goods and individuals over long distances at low cost. Obviously, dramatic increases in fuel costs would increase the cost of shipping. This means mor...

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...

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...

$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...

Energy prices lower, still around two-year highs
Energy prices fell Wednesday, while the East Coast continued to dig itself out of Monday's blizzard and a cold snap swept across other parts of the country. Heating oil, Natural Gas and other energy commodities usually get more expensive as the weather chills. But analysts said most traders already have locked in their energy contracts for the year, and those still buying are looking ahead to 2011. With the U.S. sitting on higher than average heating oil and Natural Gas supplies, temperatures wo...

Gold run-up stops shy of record
NEW YORK, Dec. 29 (UPI) -- Gold prices climbed above $1,410 per troy ounce in New York Wednesday as The Dollar index dropped 0.72 percent. Gold might have seen more of a bounce, but many investors played their hands Tuesday, sending gold up by close to $24 to within reach of its record above $1,420. On the Comex division of the New York Mercantile Exchange Wednesday, gold gained another $6 to $1,411.60 per troy ounce. February delivery crude Oil Prices lost 47 cents to $91.02 per barrel. The do...

Energy prices lower, still around two-year highs
NEW YORK (AP) - Energy Prices fell Wednesday, while the East Coast continued to dig itself out of Monday's blizzard and a cold snap swept across other parts of the country. Heating oil, Natural Gas and other energy commodities usually get more expensive as the weather chills. But analysts said most traders already have locked in their energy contracts for the year, and those still buying are looking ahead to 2011. With the U.S. sitting on higher than average heating oil and Natural Gas supplies...

Gold continues rise in light trading
NEW YORK (AP) - Gold prices continued their surge Wednesday amid light holiday trading, as investors seemed convinced that Precious Metals will make a good hedge against Inflation during 2011. Gold for February delivery rose $7.90 to settle at $1,413.4560 an ounce. Silver continued its long-standing pattern of following in gold's wake, with contracts for March delivery rising 38.1 cents to $30.704 an ounce. A sagging dollar and concerns about global Inflation seem to be propping gold above its...

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...

Crude oil prices slide toward $90
NEW YORK, Dec. 30 (UPI) -- Crude Oil Prices dropped to nearly $90 per barrel overnight, with traders expecting a weekly U.S. stockpile report delayed by the holidays. The Energy Information Administration is scheduled to release the weekly report before noon, earlier in the day than normal, but a day late. February delivery crude Oil Prices lost 96 cents to $90.16 per barrel on the New York Mercantile Exchange. Heating Oil Prices shed 1.98 cents to $2.5141 per gallon. Reformulated blendstock gas...

Global stocks drop despite upbeat US jobs data
LONDON (AP) - Stock Markets brushed aside news that weekly U.S. Jobless Claims fell to their Lowest Level in two and a half years Thursday as the peculiarities of year-end trading dominated activity. German and Japanese stocks led the retreat on their last trading day of the year. Year-end trading is often complicated by traders closing out position to present their portfolios in as best a light as possible—after all, bonuses are often dependent on how well those portfolios have actually p...