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Former Shell boss predicts $5/gal gas in 2012

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Posted by: Prince

Former Shell boss predicts $5/gal gas in 2012

by Zach Bowman (RSS feed) on Dec 28th 2010 at 1:01PM
With fuel prices in a temporarily lofty spot thanks to the holidays, it's hard to think of the price of a gallon of gas as a bargain, but according to the former president of Shell Oil, that's exactly what it is compared to what we'll see just one short year from now. While speaking with Platt's Energy Week Television, John Hofmeister said that he fully expects gas prices to be above $5.00 per gallon by the end of 2012. That stance puts Hofmeister firmly in the worst-case scenario club, though other analysts are barely any jollier in their predictions.

Tom Kloza, who serves as the chief oil analyst with Oil Price Information Service, believes that Hofmeister's predictions will come true, just not in the time-frame that the former Shell head honcho has predicted. Instead, Kloza says that he expects $5.00/gallon fuel to show up within the next decade. If so, we can probably expect to see a repeat of the financial shock that occurred when fuel prices shot up in mid-2008. The predictions are enough to make us a little queasy, so you have to really feel for our friends in Blighty – the UK recently saw gas prices spike to $7.30 a gallon. What will their prices be in 2012?


Posted by: Simply_Michael

rich get richer. its very sad but yet no one wants to do alternatives fuels . and no im not a hippy tree hugger however i am a realists ..fuel will run out what else we got?


Posted by: maniclion

YouTube Video



Posted by: LAM

the US has been getting ass raped for crude oil since we abandoned gold in the 70's


Posted by: irish_2003

China's gov't has an artificial price for gas.....


Posted by: Mudge

I came close to getting a CNG equipped car, the range isn't great without buying a big ass tank though ($$$ + space concerns).


Posted by: Big Smoothy

Quote Originally Posted by Prince View Post
Former Shell boss predicts $5/gal gas in 2012

by Zach Bowman (RSS feed) on Dec 28th 2010 at 1:01PM
..... according to the former president of Shell Oil, that's exactly what it is compared to what we'll see just one short year from now. While speaking with Platt's Energy Week Television, John Hofmeister said that he fully expects gas prices to be above $5.00 per gallon by the end of 2012.
Big Smoothy had his pipe and magnifying glasses on when he started the "Price of Crudo oil will go to $150-200," thread.

Still debate on this, as usual.

But prices are inching up, right now.

I remember when visiting the US in the Summer of '07, and people were often talking about gas hitting $3 per gallon. Now, they're not saying anything. The barrier was broken.

But as well know, this is, and will hit some people in their already fragile pocket books.


Posted by: Curt James

Here's what a gallon of gas goes for in the 34 cities around the world that AIRINC surveyed:

1. Asmara, Eritrea | $9.59

2. Oslo, Norway | $7.41

3. Copenhagen, Denmark | $6.89

4. Hong Kong | $6.87

5. Berlin, Germany, and Monaco, Monte Carlo | $6.82

6. London, U.K. | $6.60

7. Rome, Italy | $6.44

8. Paris, France | $6.04

9. Sao Paulo, Brazil | $5.69

10. Seoul, Korea | $5.55

11. Tokyo, Japan | $5.40

12. Singapore, Singapore | $4.81

13. Nairobi, Kenya | $4.31

14. Mumbai, India | $4.25

15. Santiago, Chile | $4.18

16. Johannesburg, South Africa | $4.05

17. Sydney, Australia | $3.84

18. Toronto, Canada | $3.81

19. Beijing, China | $3.71

20. Bangkok, Thailand | $3.64

21. Buenos Aires, Argentina | $3.58

22. Havana, Cuba | $3.64

23. Karachi, Pakistan | $3.02

24. New York, U.S. | $2.85

25. Moscow, Russia | $2.80

26. Mexico City, Mexico | $2.45

27. Lagos, Nigeria $1.62

28. Dubai City, United Arab Emirates $1.57

29. Cairo, Egypt | $1.17

30. Kuwait, City, Kuwait | 85 cents

31. Riyadh, Saudi Arabia | 45 cents

32. Tehran, Iran | 32 cents

33. Caracas, Venezuela | 6 cents

See full article from DailyFinance: Gas Prices Around the World: What It Costs to Fill the Tank - DailyFinance

Gas price info current as of June 2010


Posted by: DOMS

Quote Originally Posted by Curt James View Post
33. Caracas, Venezuela | 6 cents
But really, what's there to go to?


Posted by: Dark Geared God

Quote Originally Posted by DOMS View Post
But really, what's there to go to?

the jungle excape to mexico, peru


Posted by: david

This outta be good. I can't wait to see how our goverment responds to the outrages and cries of the American people.


Posted by: Zaphod

Quote Originally Posted by david View Post
This outta be good. I can't wait to see how our goverment responds to the outrages and cries of the American people.
Same as usual. A lot of talk about investigations, committees formed, oil execs hauled before the folks they helped put in office, etc. Essentially nothing.


Posted by: david

Quote Originally Posted by Zaphod View Post
Same as usual. A lot of talk about investigations, committees formed, oil execs hauled before the folks they helped put in office, etc. Essentially nothing.
Maybe we should convince the the New Yorkers that Mayor Bloomberg is also involved in the oil prices and they can also focus their energy toward that as well!!!


Posted by: Big Smoothy

Quote Originally Posted by david View Post
This outta be good. I can't wait to see how our goverment responds to the outrages and cries of the American people.
The people that can - will have to adapt.

Sell SUVs and cars with lover MPG.

Different form of transpo for some in and near the cities.

Remember back in the Summer of '08 when people were talking about changing their habits?

But then, when crude fell back down again (and rather quickly) people sort of forgot and went back to the normal ways.

Same with the discussion and talk of more R & D into alternatives. When the price went back down, the discussion faded away.

I am not sure if it will this time. But millions and millions of us, depending on where we live, are car-dependent.


Posted by: Dark Geared God

Quote Originally Posted by david View Post
This outta be good. I can't wait to see how our goverment responds to the outrages and cries of the American people.
they will drop the prices 20 cents and everyone will be happy remeber gas was only 1.65 about 3 or 4 years the norm now is 240 or 266 and people are happy


Posted by: lnvanry

the price hike in crude will be a preventative measure taken by OPEC nations to hedge against the looming inflation of the USD....I don't really blame them either. OPEC will have to be careful not to let the price get too out of control though, otherwise, it will become price prohibitive to drive a gas powered vehicle.


Posted by: david

Quote Originally Posted by Dark Geared God View Post
they will drop the prices 20 cents and everyone will be happy remeber gas was only 1.65 about 3 or 4 years the norm now is 240 or 266 and people are happy
However, I still would like to see it go to $4.00/gallon only for 2 weeks just to hear the outrage and cries!!!

I work right down the street so it woudn't bother me as much as it would if I still worked 30 minutes away!


Posted by: Dark Geared God

Quote Originally Posted by david View Post
However, I still would like to see it go to $4.00/gallon only for 2 weeks just to hear the outrage and cries!!!

I work right down the street so it woudn't bother me as much as it would if I still worked 30 minutes away!
yea then they would lower it to 3.60 and people would be happy.. the game shock them and then give them sum back its a shell game ...(get it shell)


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Former Shell boss predicts $5/gal gas in 2012


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