Recovery Ending Event: Big Oil Insider Warns of $5 Gas This Year
February 13th, 2012
U.S. consumers may be able to ignore continued warnings about economic and political instability by avoiding the news and burying their heads in the sand when water cooler conversations pop up, but what they will not be able to ignore is paying $40 more every time they pump gas into their minivans.
According to oil industry insider and former Shell CEO John Hoffmeister, that’s exactly what we can expect this year.
In an interview with CNBC, Hoffmeister warned that the price of oil will continue to rise amid increasing global demand from emerging economies, tensions in the middle east, and a weakening dollar, causing the price of gas to jump to $5 per gallon before the end of this year: