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Gas Prices: $5 Per Gallon By 2012

It’s possible.  That’s the prediction from the former president of Shell Oil, John Hofmeister. 

Higher Gas Prices Are On The Way
(Photo Illustration by Miguel Villagran, Getty Images)

In an interview with Platt’s Energy Week television, Hofmeister predicted gasoline prices will spike as the global demand for oil increases.

I’m predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices,” he said.

CNN also spoke with Tom Kloza from Oil Price Information Service, and he disagrees with Hofmeister’s prediction.  While Kloza indicates that $5 for a gallon of gas is possible by the end of this decade, he says he doubts we’ll see that price in 2012.

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