Are You Ready For The Pain? Former Shell President Predicts $5 A Gallon Gas By 2012

The former president of Shell oil is predicting that the United States will face 1970s-style energy shortages and rationing by the end of the decade, accusing the federal government of turning its back on the country's domestic oil supply. 

The dire prediction comes as energy analysts toss out a string of frightening predictions about the rising price of oil in the short term. Oil has topped $90 a barrel, and JP Morgan Chase & Co. earlier this month predicted oil could hit $120 a barrel by the end of 2012. At the same time, the national average gasoline price is about $3 a gallon for the holiday season.


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upwards - 12/29/2010 10:36:52 AM

-4 Boost

40 miles of pure electric driving is sounding better everyday.

upwards - 12/29/2010 1:53:10 PM

-1 Boost

No thank you I want a car that will not require a tow after only 70 miles of driving.

uaw_lax - 12/29/2010 7:34:49 PM

+1 Boost

What happens to your leaf during a power outage? The Volt will still be useful during that situation.

MorePower - 12/29/2010 7:38:41 PM

+1 Boost

@ uaw_lax

You make an absolutely HORRIBLE argument!
- If there is no power, then how will the gas station pumps work . . . ?
- What happens if your car runs out of fuel w/ < 10% power . . . ?

If your answer is to go to a gas station that has power, then a Leaf owner could find a power outlet.

uaw_lax - 12/29/2010 8:40:27 PM

+1 Boost

dude if you have to get around in a power outage you can use whatever charge is in your battery plus the additional few hundred miles the gas can take you until the power gets back on. with the leaf i doubt any one would chance it.

dlin - 12/29/2010 11:09:31 AM

+1 Boost

The mighty FED reserve won't let that happen!

cdoke - 12/29/2010 1:25:59 PM

+4 Boost

The FED is part of the reason behind such things. Inflationary monetary policy more specifically, the monetization of debt generally devalues the U.S. dollar, and because oil is sold in U.S. dollars everywhere and costs are in local currencies, the price rises, the oil companies make no additional profit and the American people get screwed.

dl767captain - 12/29/2010 11:14:06 AM

+7 Boost

Why does this need to happen? I don't see that much more demand, so I'm going to assume this is just pointless speculation that will drive up the cost of gas yet again.

dumpsty - 12/29/2010 6:01:53 PM

0 Boost

Agreed. Speculation in the market is what helped push the price of oil over $100/barrel; and eventually let to gas going up to the $4/gal range.

toolatetorace - 12/29/2010 11:34:46 PM

+1 Boost

They did this before . Someone needs some money so they keep bidding up the prices until the economy slows down and less and less fuel gets sold , a handfull of people get rich and the price comes back down

fourmccs - 12/29/2010 11:26:46 AM

-2 Boost

It's going to happen if the a$$hats in the oil industry get what they want for Christmas. To make insane profits off the world. This was put out by one of those a$$hats. Don't get me wrong we need to conserve and cut oil use but this is just profit taking. Ultimate greed.

knowitall1985 - 12/29/2010 1:09:37 PM

+1 Boost

Get on the list for your CT200h now. 42mpg looks and drives great.........

MorePower - 12/29/2010 7:44:33 PM

+1 Boost

Unless you have one, how would you know? As far as I can research, this vehicle is still a concept and is not in production yet. I could be wrong.

Designer1 - 12/29/2010 1:37:09 PM

-2 Boost

Ultimate greed indeed fourmccs. I'm just disgusted of this oil price hicking crap. The world is ran by criminals including our own government and no one cares about the people. The rich lives and the rest die in hell, that's their creed.

AgentOrange - 12/29/2010 2:25:16 PM

+7 Boost

Surest way to kill whatever economic recovery we may have seen by then....

truckman - 12/29/2010 2:25:49 PM

+2 Boost

Ouch, why would this guy make this up? I plan on moving so I no longer have to commute.

Agent001 - 12/29/2010 3:59:27 PM

+4 Boost

Well there IS a shortage of oil on the planet..RIIGGGHHT! ;)

This is the biggest scam in human history.

Pure GREED.

001

truckman - 12/30/2010 4:41:50 AM

+1 Boost

There is a lot of oil, in southern Alberta and in Montana, a lot! A few other places too, the oil is running out is just a way for them to charge us a lot.

rob9193 - 12/29/2010 8:43:30 PM

+5 Boost

FOX News... Really that's your source? To whoever posted this, submitted, whatever, please refer to a credible news organization, thanks!

nguyenvuminh - 12/29/2010 10:34:48 PM

+4 Boost

Former president of an oil company saying oil shortage is coming, and the US Gov't should free up domestic oil sites for drilling. Talk about fanning the flame for future personal gains. I would think it's entirely reasonable for the guy to still have shares in the oil company that will stand to gain from his suggested resolutions.

Spectator - 12/30/2010 1:05:32 PM

0 Boost

I like motorcycles...and my avatar :)