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Wednesday, December 29, 2010

MisfitsCafe.com - $5 Gas on the way

Expert Says $5 Gas En Route

By Amanda Geronikos
Wed, 29 Dec 2010 16:24:13 GMT

As if pulling into the gas station isn't enough of a downer these days, a new CBS report will make you want to turn you car around, go home and stay there: Gas is expected to hit $5 by 2012. Five dollars. Suddenly, those jokes of 2012 being the "end of time" don't seem so ridiculous.

In an interview with "Early Show" correspondent Rebecca Jarvis, John Hofmeister, an ex-president of Shell Oil, blames increased oil demand from Asia and the Obama administration's clampdowns on offshore drilling. He also adds that there isn't much Americans can do at this point. And it's true. Unless you're willing to ride your bike or walk everywhere, how else are you going to get to work and the grocery store?

The national average cost for a gallon of gas is over $3 now, a haunting repeat of what we experienced in 2007 and 2008. This time, however, things are different. "Asia's demand is much, much higher than two years ago. And the world is having a very difficult time getting past 85 million barrels-a-day of (crude oil) production," Hofmeister explains in the interview.

Even more haunting is the possibility that by the decade's end, we could see an oil shortage crisis similar to the one experienced in the 1970s.

"In the U.S., we use 20 million barrels a day. We produce about seven. We're not drilling. We're going to produce about six a year, year-and-a-half from now. That means we have to import more oil, while the whole rest of the world is also importing oil," Hofmeister tells CBS.

The former Shell executive calls it a "disgrace" that officials here didn't see this coming.

Do you think gas will reach $5? Sound off here.