Dual source: Ex-Shell president sees $5 gas in 2012

[Glaber]

[B]CNN
Ex-Shell president sees $5 gas in 2012[/B]
[release]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.

"That wolf is out there and it's going to be at the door...I agree with him that we'll see those numbers at some point this decade but not yet." Kloza said.

"The demand is still sluggish enough in some of the mature economies."

Gasoline prices have been steadily rising. Last week, gas prices crossed the $3 mark for the first time since October 2008. According to AAA figures, prices are up 4% from a month ago and 16% from the $2.585 average a year ago.

A study from the Oil Price Information Service estimates drivers will spend $305 on gasoline in December. According to the study, fuel prices are up 13.6% from last December and 76% higher from December 2008.

Gas prices eased off last week's gains but still remained around the $90-a-barrel mark, settling at $91-a-barrel. Prices were down 51 cents from Thursday's close after China unexpectedly raised interest rates over the holiday weekend for the second time in two months.

Oil prices settled above $90 a barrel for the first time since October of 2008.[/release]
Source: [url]http://money.cnn.com/2010/12/27/markets/oil_commodities/index.htm?hpt=T2[/url]

[B]FOX
Former Oil Exec Predicts $5-a-Gallon Gas by 2012, Energy Shortages by Decade's End[/B]
[release]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

But 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.

"I think it's going to be a cumulative problem that won't happen suddenly," Hofmeister, who now heads Citizens for Affordable Energy, told FoxNews.com. He predicted the problem would start with "stockouts" at select gas stations during the summer and during bad weather and then spread. He said those states farthest from refineries would get hit the worst and that in order to maintain some consistency, local and state governments might resort to the kind of rationing they employed in the early '70s -- when drivers with even-numbered license plates would buy gas on even days, and vice-versa.

With this kind of possibility on the horizon, Hofmeister, who earlier aired his concerns in an interview with Platts Energy Week, criticized the administration for cracking down on domestic oil drilling in the wake of the BP oil spill in the Gulf of Mexico.

"It is pure politics that keeps us from drilling more of our own resources," he said.

The Interior Department announced earlier this month that it would not pursue any new drilling off the East Coast or in the eastern Gulf of Mexico for at least seven years. Planned lease sales would be pushed off until late 2011 or early 2012.

"As a result of the Deepwater Horizon oil spill we learned a number of lessons, most importantly that we need to proceed with caution and focus on creating a more stringent regulatory regime," Interior Secretary Ken Salazar said in a written statement at the time, calling the new plan a "careful, responsible path."

The April 20 explosion on the Deepwater Horizon rig killed 11 people and opened up a leak that gushed oil into the Gulf for months. The decision to tighten Gulf drilling regulations was cheered by environmental groups. The Sierra Club said the BP disaster showed how "dirty, deadly and dangerous offshore drilling is," applauding the administration for heeding those lessons -- the group praised the administration for moving to support alternative-energy investment like wind power.

While clamping down on domestic energy production, the Obama administration has invested billions in renewable energy sources via last year's stimulus bill and has pushed improved energy efficiency for a range of products in a bid to at least keep demand a bit lower in the long term. New emissions standards for cars and trucks will soon mandate an average fuel economy of just over 35 miles per gallon for new vehicles by 2016.

In addition, the Interior Department is continuing to honor leases for oil drilling in the Arctic.

But government-fueled investment in alternative-energy research takes time, while other options, like nuclear energy, are slow and costly to get off the ground. Hofmeister, noting that domestic oil production has dropped from 10 million barrels a day just a few decades ago to about 5 million a day, said the United States could address its short- and medium-term energy needs by expanding drilling at existing sites and exploring new sites. He said that could help bridge the gap toward ultimately implementing alternative energy sources on a wide scale, as well as improving mass transit.

Oil industry organizations joined together this month in predicting the new regulations on domestic oil production would hurt the economy and increase dependence on foreign oil. The president of the American Petroleum Institute plans to deliver a speech next week in Washington, D.C., on how domestic oil and natural gas production can help stabilize the country.

Oil and gas magnate T. Boone Pickens is likewise pushing for U.S. production of both those energy sources in his high-profile campaign to pry the country off foreign oil. But that's just one component. His Pickens Plan organization argues that while the U.S. needs every ounce of domestic energy it can muster, there's not enough oil in all the potential U.S. deposits combined to make up for the 12 million barrels the United States imports every day.[/release]
Source: [url]http://www.foxnews.com/politics/2010/12/27/oil-exec-predicts-gallon-gas-energy-shortages-decades-end/#ixzz19MJ8UFOv[/url]

Why am I getting that feeling that we're about to repeat history?

[Kagrenak]

Oh no; what ever shall us privileged white Americans do when gas reaches the prices it's been at in the rest of the world for several years.

[Ronin]

Clean renewable energy please, we shouldn't have any excuses by this point.

[Zeke129]

So basically what the rest of the world already pays

self-clock

[Moose]

when it reaches 20$ a gallon then its time to rob the federal reserve and go on a killing spree

[DrumStick]

[QUOTE=Moose;27013997]when it reaches 20$ a gallon then its time to rob the federal reserve and go on a killing spree[/QUOTE]

I second this.

[Zeke129]

[QUOTE=Moose;27013997]when it reaches 20$ a gallon then its time to rob the federal reserve and go on a killing spree[/QUOTE]

I also advocate wanton murder as retribution for the actions of OPEC

[Baldr]

Time to invest....

[Franke_R!?]

$1,4 per gallon is what they pay here if my math is right which is probably isn't as it is 3am.

[editline]3:12AM[/editline]

See I was right, I shouldn't attempt math while I am tired.
From liters to gallons is confusing shit at this hour.
And what the fuck are americans whining about, they pay too little compared to the rest of the world if you ask me.

[Kagrenak]

[QUOTE=Franke_R!?;27014084]$1,4 per gallon is what they pay here if my math is right which is probably isn't as it is 3am.[/QUOTE]

You pay 7.91USD/US Gal. [url=http://en.wikipedia.org/wiki/Gas_prices#Typical_gasoline_prices_around_the_world](Source)[/url]

[Canuhearme?]

Then people will be angry at the oil companies instead of OPEC.

[Moose]

excellent point

lets raise an army of radical low class americans and sieze the oil monopolies by force

[Vince W/Shamwow]

[img]http://dorninger.servus.at/system/files/images/amsterdam_bikes.jpg[/img]

[meepugh]

[QUOTE=Vince W/Shamwow;27014217][img_thumb]http://dorninger.servus.at/system/files/images/amsterdam_bikes.jpg[/img_thumb][/QUOTE]

This

[Glaber]

[QUOTE=Kagrenak;27013899]Oh no; what ever shall us privileged white Americans do when gas reaches the prices it's been at in the rest of the world for several years.[/QUOTE]

How many necessities does the government provide you? We In the US usually have to get what we need ourselves. We have to pay for Our doctor visits (check ups and such), we have to buy our food and/or the seeds to grow it. We have to pay our electric bills, Water bills (dependent on how you get it), sewer bills. Not to mention the taxes and the fact that some of us actually subscribe for internet access.

When you're jobless, higher gas prices mean you have to narrow your job search range.
If you have a job, that means less disposable money or "entertainment money", or even less food or medicine money.

So yea, Gas prices are a big deal in the US.

[Kagrenak]

[QUOTE=Glaber;27014301]How many necessities does the government provide you? We In the US usually have to get what we need ourselves. We have to pay for Our doctor visits (check ups and such), we have to buy our food and/or the seeds to grow it. We have to pay our electric bills, Water bills (dependent on how you get it), sewer bills. Not to mention the taxes and the fact that some of us actually subscribe for internet access.

When you're jobless, higher gas prices mean you have to narrow your job search range.
If you have a job, that means less disposable money or "entertainment money", or even less food or medicine money.

So yea, Gas prices are a big deal in the US.[/QUOTE]

I live in Massachusetts. Here, look at how privileged we are:

[url]http://en.wikipedia.org/wiki/Gas_prices#Typical_gasoline_prices_around_the_world[/url]

Even in other countries with comparable social services, gas is far more. Also in what countries is food free?

[Lachz0r]

[QUOTE=Glaber;27014301]How many necessities does the government provide you? We In the US usually have to get what we need ourselves. We have to pay for Our doctor visits (check ups and such), we have to buy our food and/or the seeds to grow it. We have to pay our electric bills, Water bills (dependent on how you get it), sewer bills. Not to mention the taxes and the fact that some of us actually subscribe for internet access.

When you're jobless, higher gas prices mean you have to narrow your job search range.
If you have a job, that means less disposable money or "entertainment money", or even less food or medicine money.

So yea, Gas prices are a big deal in the US.[/QUOTE]

stop making excuses for why you're a cheap bastard

[Zeke129]

[QUOTE=Glaber;27014301]How many necessities does the government provide you? We In the US usually have to get what we need ourselves. We have to pay for Our doctor visits (check ups and such), we have to buy our food and/or the seeds to grow it. We have to pay our electric bills, Water bills (dependent on how you get it), sewer bills. Not to mention the taxes and the fact that some of us actually subscribe for internet access.[/QUOTE]

Your taxes are much cheaper

[Moose]

[QUOTE=Kagrenak;27014355]I live in Massachusetts. Here, look at how privileged we are:

[url]http://en.wikipedia.org/wiki/Gas_prices#Typical_gasoline_prices_around_the_world[/url]

Even in other countries with comparable social services, gas is far more. Also in what countries is food free?[/QUOTE]

you seem to forget that america is a huge fucking country full of alot of people that are really poor right now

[Kagrenak]

[QUOTE=Moose;27014403]you seem to forget that america is a huge fucking country full of alot of people that are really poor right now[/QUOTE]

Because everyone in Zambia is doing well, right? They pay 6.09USD/Gal. Get the fuck over it; we're gifted and privileged to have our ridiculous $3 gasoline.

[Habsburg]

[QUOTE=Moose;27013997]when it reaches 20$ a gallon then its time to rob the federal reserve and go on a killing spree[/QUOTE]

Why? Oil is a finite fuel source and you should expect that it goes up in price when we use up so much of it.

[Moose]

stop comparing us to eastern worlds

we're an entirely different political system with different circumstances

[Glaber]

And how much per hour do you make, Kagrenak?

Also, how many actually drive in those countries? I seem to recall Europe has public transportation that even goes country to country.

[Kagrenak]

[QUOTE=Moose;27014476]stop comparing us to eastern worlds

we're an entirely different political system with different circumstances[/QUOTE]

American Exceptionalism is what's killing this country.

[FalconKrunch]

[QUOTE=Glaber;27014301]How many necessities does the government provide you? We In the US usually have to get what we need ourselves. We have to pay for Our doctor visits (check ups and such), we have to buy our food and/or the seeds to grow it. We have to pay our electric bills, Water bills (dependent on how you get it), sewer bills. Not to mention the taxes and the fact that some of us actually subscribe for internet access.

When you're jobless, higher gas prices mean you have to narrow your job search range.
If you have a job, that means less disposable money or "entertainment money", or even less food or medicine money.

So yea, Gas prices are a big deal in the US.[/QUOTE]

We deal with 19% VAT on EVERYTHING here even our wages.
Minimum wages are worse than american wages.
Minimum wage is €6,88 an hour if you are 23 and work 40 hours a week.
On top of that we pay for gas bills, electricity, water, doctor visits that aren't covered by insurance, the insurance itself.
Never heard of food being free.
Car insurance, road tax, emission tax and our gas prices are 5 times higher then in america.
Consider yourself lucky.

[Moose]

[QUOTE=Kagrenak;27014491]American Exceptionalism is what's killing this country.[/QUOTE]

whats killing this country is the fact that we base a shitload of soldiers in other countries that dont need our supervision anymore

whats killing this country is the trade deficit WITH OTHER COUNTRIES

[Kagrenak]

[QUOTE=Glaber;27014486]And how much per hour do you make, Kagrenak?[/QUOTE]

$0 right now as I'm an unemployed University Student. In like 10 years I'll make something like 300K p. anum.

[Habsburg]

[QUOTE=Glaber;27014301]How many necessities does the government provide you? We In the US usually have to get what we need ourselves. We have to pay for Our doctor visits (check ups and such), we have to buy our food and/or the seeds to grow it. We have to pay our electric bills, Water bills (dependent on how you get it), sewer bills. Not to mention the taxes and the fact that some of us actually subscribe for internet access.

When you're jobless, higher gas prices mean you have to narrow your job search range.
If you have a job, that means less disposable money or "entertainment money", or even less food or medicine money.

So yea, Gas prices are a big deal in the US.[/QUOTE]

maybe if you live in some podunk little town outside of detroit

[Moose]

[QUOTE=Habsburg;27014472]Why? Oil is a finite fuel source and you should expect that it goes up in price when we use up so much of it.[/QUOTE]

i say this alot, oil is impossible to fully replace

theres bound to be a major world collapse

[Habsburg]

I dunno man, human flight used to be impossible.