NEW YORK (CNNMoney.com) -- The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012. 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. Tom Kloza, chief oil analyst with Oil Price Information Service says Americans will see gasoline prices hit the $5 a gallon mark in the next decade, but not by 2012. http://money.cnn.com/2010/12/27/markets/oil_commodities/index.htm
Umnnn.. I'm going to check with Cramer. Perhaps with less regulation gasoline would be cheaper, not sure of his motive.
His motive? He owns alot of stock in Shell and wants those fat profit margins. Cost of extraction and processing don't justify the move.
The only way gas hits $5/gal is if USD lose too much value wait, aren't we all waiting for that? :eek:
The cost of a gallon of gas/fuel delivered to USA units in Afghanistan has risen to $800. Eighty percent of the supplies of the US-led forces in Afghanistan come up this long, difficult route. Along the way, the USA pays large bribes to Pakistani officials, local warlords, and to Taliban. http://www.lewrockwell.com/margolis/margolis208.html
Anyone else had it with listening to CEOs and the like. Now, they all talk like politicians which means a) they rarely speak the truth and b) their talk is always bases on an agenda.
One thing I never understood, if they knocked off a dollar or two off the price of a gallon of gas, this would stimulate the economy. This is the country that lives and dies for the auto and now the car is sitting in the garage and people are staring at computer screens. You have to get people moving around doing things. If your weekly gas expense was cut in half, you'd feel rich as opposed to some paper wealth via the Dow. Even the psych of the Fed espouses people feel wealthy and confident sentiment based on some arbritrary number of the Dow. wtf is that?