Former Oil Exec Predicts $5-a-Gallon Gas by 2012, Energy Shortages by Decade's End - FoxNews.com

Revelation 6
5When the Lamb opened the third seal, I heard the third living creature say, “Come!” I looked, and there before me was a black horse! Its rider was holding a pair of scales in his hand. 6Then I heard what sounded like a voice among the four living creatures, saying, “A quart^a of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not damage the oil and the wine!”
http://www.foxnews.com/politics/2010/12/27/oil-exec-predicts-gallon-gas-energy-shortages-decades-end

AP

In this Nov. 23 photo, gas prices are displayed at a Chevron gas station in San Francisco.

The former president of Shell oil is predicting that the United States will face 1970s-style energy shortages and rationing by the end of the decade, accusing the federal government of turning its back on the country's domestic oil supply. 

The dire prediction comes as energy analysts toss out a string of frightening predictions about the rising price of oil in the short term. Oil has topped $90 a barrel, and JP Morgan Chase & Co. earlier this month predicted oil could hit $120 a barrel by the end of 2012. At the same time, the national average gasoline price is about $3 a gallon for the holiday season

But former Shell executive John Hofmeister offered a more aggressive estimate, saying Americans could be paying $5 a gallon in two years. And he predicted that sometime between 2018 and 2020, supply and demand will become so out of balance that gas stations in several regions of the country will simply start to run out. 

Read more: http://www.foxnews.com/politics/2010/12/27/oil-exec-predicts-gallon-gas-energy-shortages-decades-end/#ixzz19u2w9df0

Related articles

• Driving for $5? Pain at Pump to Get a Lot Worse, Experts Warn (foxnews.com)
• Gas Prices Will Rise to $5 by 2012, Shell Exec Warns (ecoworld.com)
• Former Shell oil exec predicts $5 gas in 2012...and blames Obama (dailykos.com)
• Former Shell Oil Exec At CNN, Former Shell Executive Predicts $5 Gallon Gas Prices: Preparing for a Policy Opportunity and a Campaign Crisis (bigthink.com)
• Former Shell Oil President: $5 Gasoline in U.S. by 2012 (environmentalleader.com)
• $5-a-gallon gas could be here by 2012 (money.cnn.com)
• Former Shell boss predicts $5/gal gas in 2012 (autoblog.com)
• Oil's surge in 2010 paves the way for $4 gasoline (seattletimes.nwsource.com)
• Ex-Shell President: Gas Might Go Up To $5 a Gallon in 2012 (minx.cc)