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

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Wholesale prices rise in March as food costs jump

clipped from finance.yahoo.com WASHINGTON (AP) -- Wholesale prices rose more than expected last month as food prices surged by the most in 26 years. But excluding food and energy, prices were nearly flat. The Labor Department said the Producer Price Index rose by 0.7 percent in March, compared to analysts' forecasts of a 0.4 percent rise. A rise in gas prices also helped push up the index. Still, there was little sign of budding inflation in the report. Excluding volatile food and energy costs, wholesale prices rose by 0.1 percent, matching analysts' expectations. Food prices jumped by 2.4 percent in March, the most since January 1984. Vegetable prices soared by more than 49 percent, the most in 15 years. A cold snap wiped out much of Florida's tomato and other vegetable crops at the beginning of this year. Gasoline prices rose 2.1 percent, the department said, the fifth rise in six months. But with unemployment high and credit tight, consumers' spending power is crimped

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