Gas prices continue to climb and the national average price has topped $3 a gallon, according to AAA.
That is nearly 20 cents higher than it was a month ago and about 40 cents above what it was a year ago.
Unfortunately, this might just be the tip of the iceberg, according to a former oil industry executive.
John Hofmeister, former president of Shell Oil, predicts that gas prices will reach $5 a gallon in 2012.
Hofmeister is the founder and CEO of the non-profit Citizens for Affordable Energy and wrote "Why We Hate the Oil Companies: Straight Talk From an Energy Insider," which will be released in May.
In a recent interview, he said that crude oil prices topped $91 per barrel Tuesday, and a number of large investment banks predict it will reach $100 next year. Higher demand from China, India and other emerging economies added to that of developed countries will strain the world's oil supply
In predicting $5 a gallon gas, Hofmeister cites not only increased oil demand from Asia, but Obama administration clampdowns on offshore drilling.
1 comment:
oh my...what a news: Gas prices continue to climb and the national average price has topped $3 a gallon, according to AAA.
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