Former Oil Exec Predicts $5-A-Gallon Gas By 2012

[Mr Lee]

I wonder how this will play out in the Philippines? If the price of gas in the US goes up, then that will mean less money OFW living in the US would have to send home, so what happens in the US could adversely affect the Philippines too.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 seasonBut former Shell executive John Hofmeister offered a more aggressive estimate, saying Americans could be paying $5 a gallon in two years. And he predicted that sometime between 2018 and 2020, supply and demand will become so out of balance that gas stations in several regions of the country will simply start to run out. The whole story HERE

[Old55]

I wonder how this will play out in the Philippines? If the price of gas in the US goes up, then that will mean less money OFW living in the US would have to send home, so what happens in the US could adversely affect the Philippines too.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 seasonBut former Shell executive John Hofmeister offered a more aggressive estimate, saying Americans could be paying $5 a gallon in two years. And he predicted that sometime between 2018 and 2020, supply and demand will become so out of balance that gas stations in several regions of the country will simply start to run out. The whole story HERE

The US government is unwilling to allow new refinery's or utilize the huge domestic shale oil or sand oil deposits they want five or ten dollar gas.Why the heck aren't we using CNG! Oh yea $$$$$$$$$$$$ Someone bought off those SOB's in DC. And we call Philippines corrupt, compared to our politicians they are saints.

[Jollygoodfellow]

Todays price here in Brisbane at the pump,converted as we use liters as a measure is $6.30 a gallon au which is about equal to the US dollar yesterday when I looked.

[Art2ro]

When we were in California on vacation a few months ago, the cheapest regular unleaded gas was $2.99 per gallon, where as diesel fuel was $3.50 per gallon! So, that seems to be the price of fuel here in the Philippines if my math is correct! Would be nice if hybrid vehicles were cheap in the Philippines, but no one would know how to fix them and I'm sure it would cost an arm and a leg!

Edited December 28, 2010 by Fil/AmArt

[Mr Lee]

I paid $3.15 a gallon yesterday for regular gas here in Florida, last week it was $2.89. I used to have a diesel vehicle in the 80's and diesel fuel used to cost much less than gas, but now that it is so popular the cost is higher and that to me has to be a rip off because it has to cost much less to process diesel than gasoline.