Oil Executive Predicts $5 Gas By 2012

MIAMI (CBS4) – Gasoline prices above $3 a gallon are expected to be around for awhile as demand increases. But, the former president of Shell Oil now says that Americans may end up paying $5 per gallon by the beginning of 2012.

Other oil analysts told CNNmoney.com that gas prices will hit $5 a gallon in the next decade, but not by 2012.

Gas prices have been rising in the U.S. for weeks and crossed the $3 mark for the first time last week since October 2008. Gas prices now are up 4% from November and 16% from 2009, according to AAA.

The Oil Price Information Service estimated that drivers will spend $305 on gasoline in December and prices are up nearly 14% from last December, according to CNNmoney.com.

The spike in gas prices have closely followed a rise in oil prices which are hovering around $90 per barrel. Prices dropped slightly Monday after China raised interest rates.

  • Kerry Clark

    Wow $5 a gallon, I guess I will purchase a scooter soon. LOL

  • rausky

    Once again the working class get it up the Wazoo,while the GREEDY OIL companies get richer . As always the US “Government” won’t do anything lto give the working class any relief from the GREEDY CAPITALIST PIGS!!!!!!!!!

  • Vincent

    If this happens the economy (shaky as it is now, will die) no one will drive anywhere…people will only drive to work, home and the grocery store….businesses will shut their doors and that will be the end of the American way of life.

  • dbm

    With the way the economy is why is everything going up? Gas, insurance , health care , food you name it how do we get out of a hole that justs keeps getting bigger for everyone ! When will it stop ?????????????

blog comments powered by Disqus
Connect With Those In Need
Weather Forecast 24/7

Listen Live